Accoridng to the latest reports, it seems that Binance will probably pay fines in the US over regulatory probes. Check out the latest reports about all this below.
Binance is likely to pay fines in the US
Accoridng to the latest reports coming from the online publication Blockworks, Binance is expecting to pay fines related to its business in the US following investigations by regulators over affiliations with two trading firms and its CEO Changpeng Zhao.
A Securities and Exchange Commission probe is seeking to determine the relationship between Zhao, Sigma Chain AG and Merit Peak — two market makers acting on behalf of Binance’s US affiliate.
Speaking with the Wall Street Journal on Wednesday, Binance’s chief strategy officer, Patrick Hillmann, made sure to say the fact that the exchange is working with regulators to determine the appropriate remedial measures necessary to make amends.
According to the same notes, it’s been revealed the fact that the outcome of these discussions will “likely” result in a financial penalty. The publication also talks about the possibility of further action to be determined by the regulatory authorities, Hillman said.
They are also addressing a key focus area, and the fact that regulators are scrutinizing Binance.US over its disclosure to clients with regard to its connection to the firms, according to a separate WSJ report on Wednesday. We suggest that you check out the complete original article in order to learn more details about this.
In other recent news, Binance’s BNB Chain seems primed to remain competitive this year, and this is happening after facing down the 2022’s year’s headwinds, says the crypto analytics firm Messari. Check out the latest reports about the issue below.
Messari research analyst James Trautman noted in a new analysis that the non-fungible token (NFT) sector of the BNB Chain had a “breakout year” in 2022.