Reported by: Dave Michaels

Binance, the world’s largest cryptocurrency exchange, expects to pay monetary penalties to settle existing U.S. regulatory and law-enforcement investigations of its business, the firm’s chief strategy officer said in an interview.

Binance grew quickly and began as a business powered by software engineers unfamiliar with laws and rules written to address the risk of bribery and corruption, money laundering, and economic sanctions, Patrick Hillmann said. The company has been working to fill gaps in its early compliance efforts, he said, but still expects regulators will impose fines for past conduct.

Regulatory threats have weighed on crypto prices in recent weeks, although prices of crypto stocks and currencies jumped in tandem on Wednesday.

The Justice Department has been investigating Binance over potential violations of U.S. anti-money-laundering law, according to people familiar with the matter. The Commodity Futures Trading Commission has been probing whether Binance offered cryptocurrency derivatives to U.S. clients without properly registering that activity with the CFTC, the people said.

Read full report: https://www.wsj.com/articles/crypto-giant-binance-expects-to-pay-penalties-to-resolve-u-s-investigations-f1e3c9d2