Binance to pay penalties to end investigation by US Regulators
- The biggest cryptocurrency exchange in the world is under investigation by the DOJ and CFTC.
- The US government was looking at Bitcoin cryptocurrency when China outlawed exchanges.
- Mr. Hillmann, Binance is satisfied and pleased with the direction of the talks.
Binance is the world’s largest cryptocurrency exchange. It expects to pay fines to resolve current regulatory and law enforcement inquiries into its operations, according to a report published by the Wall Street Journal. The company may still impose penalties for misconduct even though its earlier compliance efforts have improved.
The US government is looking into Binance’s cryptocurrency offerings, and when China outlawed cryptocurrency exchanges, the leadership staff of the company spent time there. The penalty could be a fine or more, and the corporation is collaborating with regulators to assess what corrections they need to make.
The Commodity Futures Trading Commission is looking into whether Binance issued cryptocurrency futures without first registering them with the CFTC, while the Justice Department is looking into possible breaches of American anti-money-laundering laws by Binance. According to Mr. Hillmann, Binance is satisfied and pleased with the direction of the talks.
Regulators have tightened their control over cryptocurrency, preventing access to goods and services. To end the civil inquiry into its stake investment program, Kraken agreed to pay the SEC $30 million in fines.
According to the Wall Street Journal, the SEC reportedly told Paxos Trust Co. this week that regulators want to take enforcement action against Paxos over its release of BUSD. This is a stablecoin bearing Binance’s name. A currency with the letter “B” in its name is called BUSD.
In Paxos’ opinion, the SEC staff’s analysis of BUSD is flawed, and the company plans to sue the federal government if it accuses Paxos of violating investor protection laws. According to Mr. Hillmann, the SEC’s enforcement actions will significantly impact US markets.
Posted Date: July 8, 2023
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