Cryptocurrency exchange Binance plans to pay penalties to settle investigations conducted by US regulators against the exchange, Binance Chief Strategy Officer, Patrick Hillmann, told the Wall Street Journal in an interview.
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Although Binance has been working to resolve its compliance issues, which allegedly attracted regulators' attention, the exchange still expects that US watchdogs will impose fines for its past conduct, Hillmann noted.
Binance is working with regulators to "figure out what are the remediations we have to go through now to make amends for that," he added. However, Hillmann admitted that the outcome could be more than just a fine:
"We just don't know. That is for regulators to decide."
While Hillmann declined to elaborate on the size of fines, he's "highly confident and feeling really good about where those discussions are going."
Last December, Reuters reported, citing sources close to the matter, that the US Department of Justice (DOJ) can't decide on when it should charge Binance of violating money laundering rules as some federal prosecutors believe there isn't enough evidence against the exchange.
The report claimed that at least "half dozen" federal prosecutors believe that the DOJ has enough evidence to fill charges not only against Binance, but also its executives, including founder Changpeng Zhao (CZ).
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