Binance, the largest crypto exchange in the world, expects to pay fines to settle investigations into its business in the US, the Wall Street Journal reported, citing a senior executive.
Patrick Hillmann, Binance’s chief strategy officer, told the Wall Street Journal that the company’s executives were unfamiliar with the laws and rules surrounding bribery, corruption, and money laundering.
The executive stated that Binance is now in touch with regulators to determine the best course of action moving forward, which could include paying a fine.
The statement from Hillmann comes as Bitcoin’s value breached US$24,000 for the first time since August 2022. At the time of writing, it stands at US$24,693.33.
The development follows Binance halting US dollar bank transfers from February 8. It didn’t provide a reason for the halt at the time.
In December, Reuters also reported that the US Department of Justice had Binance under its radar since 2018 for any lapses in compliance with anti-money laundering laws and sanctions.
However, Binance publicly disputed this report and accused Reuters of “attacking” its law enforcement team.
See also: Binance in talks to acquire Indonesian crypto exchange
Editing by Arpit Nayak
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