In an interview with The Wall Street Journal (WSJ), Binance Holdings Chief Strategy Officer Patrick Hillmann said that the company expects to comply with all conditions necessary to complete the investigations, and also intends to pay monetary penalties to resolve the consequences of identified violations.
He added that Binance is “working with regulators and law enforcement to figure out exactly what action needs to be taken to remedy the current situation.” Hillmann noted that Binance is preparing for the fact that serious penalties may follow the results of the investigations.
Binance’s acknowledgment of possible violations of US laws was a significant turnaround after publicly abandoning the very idea of any investigation into the activities of the exchange and accusations of incompetence in the media that reported it. The change in Binance’s position suggests that the company has serious problems in the legal field.
Last December, reports surfaced that the US Department of Justice had been investigating Binance since 2018 for possible non-compliance with US anti-money laundering laws and sanctions.
Previously, Binance publicly denied these reports and accused the news outlets of the attacks. So, the founder and CEO of the exchange, Changpeng Zhao, said that the news departments of a number of media outlets were funded and worked for FTX founder Sam Bankman-Fried to publish negative materials about his company.
Source: Bits
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