Cryptocurrency exchange Binance answered to a letter from US senators asking them to provide information about their activities in the country, including the balance sheet.
The exchange’s Chief Strategy Officer Patrick Hillmann wrote that Binance is working on building a compliance program and team. However, the letter did not contain the information that the senators asked for. Patrick only said that the company has built a solid KYC and anti-money laundering policy over the years.
The letter says:
Hillmann also stated that Binance employs about 750 employees, including representatives from regulatory and law enforcement agencies. The company has also hired Noah Perlman, former COO of crypto exchange Gemini, as its new Chief Compliance Officer.
In early March, three lawmakers accused Binance of failing to comply with laws. Elizabeth Warren, Chris Van Hollen and Roger Marshall sent a letter to the CEO requesting details of the company’s balance sheets. Then they said that Binance was evading regulators and that the exchange was transferring assets to criminals and sanctions violators.
A person familiar with negotiations between Binance and U.S. regulators said the exchange has already provided information to regulators. He added that senators will turn to regulators for this information.
Source: Cryptocurrency
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