Binance expects to pay a fine to get regulators off its back after Kraken stumped up $30 million for just that
Binance expects to pay a fine to settle an investigation by law enforcement and regulators, a report says, as one of its executives decried a"very confusing time" for the industry., Binance's chief strategy officer Patrick Hillman said the world's biggest cryptocurrency exchange had been working on compliance measures to address regulators' concerns, but still expected to pay a monetary settlement.
Hillman explained that the crypto exchange grew quickly under a group of software engineers who were inexperienced with laws and written rules to address things like bribery and corruption, money laundering, and economic sanctions, creating what he described as gaps in compliance. "It will be a good moment for our company because it allows us to put it behind us," Hillman told the newspaper.
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