Binance’s chief strategy officer, Patrick Hillmann, revealed Wednesday that the cryptocurrency exchange expects to pay fines to settle existing U.S. regulatory and law-enforcement investigations, the Wall Street Journal reported.
He explained that in its early days, Binance was unfamiliar with the legal framework and regulations in the U.S. to mitigate the risk of bribery and corruption, money laundering, and economic sanctions.
The Binance executive stated that the crypto exchange is currently working with regulators to identify potential “remediations” the company has to go through “to make amends” for its past conduct. He expects the outcome to be a fine but cautioned that there could be more. “We just don’t know. That is for regulators to decide,” he emphasized.
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