Key Points: Binance, the world’s largest cryptocurrency exchange, said it would pay fines in order to resolve US investigations.
Patrick Hillmann, Binance Chief Strategy Officer, stated that the company has grown so fast that it was unable to fully understand US regulations and laws.
Hillmann is optimistic that reconciliation with the US government will be possible.
Binance is one of many major exchanges that are being investigated in the US for providing cryptocurrency services. Binance, which does not have a headquarters anywhere in the world, began trading in China in 2017. The exchange’s founder and CEO Changpeng Zhao spent time in China after the country banned cryptocurrency exchanges. Hillmann claims that US traders are no longer able to use Binance. The US Attorney’s Office in the Western District of Washington has been investigating Binance since at most 2018, according to Reuters. This despite increased regulatory attention following the November collapse of rival FTX. In recent months, at least two trading companies received subpoenas by the Department of Justice (DOJ) asking for records of their previous interactions with Binance US.
Hillmann stated, “It will prove to be a positive moment for our company because we can put it behind us.”
Binance has changed its strategy to reflect the fact that not all is well at the company. Paxos, which creates BUSDstablecoins for Binance, was informed by the SEC to stop issuing new BUSDstablecoins. According to Paxos, a statement from Paxos, Paxos stated that the New York Department of Financial Services had instructed Paxos not to continue issuing new BUSDstablecoins. Kraken, one of the largest US exchanges, agreed last week that it would pay the $30 million fines by the SEC While refusing to accept or deny wrongdoing, Kraken has decided to discontinue providing staking to US consumers.DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuHaroldCoincu NewsTags: Binancebinance usBUSDcryptoDOJPatrick HillmannPaxos