BITCOIN

Crypto exchange Binance expects to pay fines to U.S. authorities to settle regulatory and law-enforcement investigations over its past conduct, the company’s chief strategy officer reportedly said. When Binance began its business, the company was unfamiliar with the rules it needed to comply with in the U.S., the executive explained. Binance Plans to Settle With US Regulators Binance’s chief strategy officer, Patrick Hillmann, revealed Wednesday that the cryptocurrency exchange expects to pay fines to settle existing U.S. regulatory and law-enforcement investigations, the Wall Street Journal reported. He explained that in its early days, Binance was unfamiliar with the legal framework and regulations in the U.S. to mitigate the risk of bribery and corruption, money laundering, and economic sanctions. The Binance executive stated that the crypto exchange is currently working with regulators to identify potential “remediations” the company has to go through “to make amends” for its

Coinbase CEO Brian Armstrong has called on Congress to pass clear crypto legislation, warning that the U.S. risks losing its status as a financial hub. “Crypto is open to everyone in the world and others are leading,” the executive stressed. Coinbase’s CEO on Cryptocurrency Regulation The CEO of the Nasdaq-listed cryptocurrency exchange Coinbase (Nasdaq: COIN), Brian Armstrong, has called on Congress to pass clear crypto legislation. He tweeted Wednesday: America risks losing its status as a financial hub long term, with no clear regs on crypto, and a hostile environment from regulators. Congress should act soon to pass clear legislation. “Crypto is open to everyone in the world and others are leading,” he added, mentioning the EU, the U.K., and Hong Kong. Besides Armstrong, many people have complained that crypto regulation in the U.S. is not clear, making it difficult for companies to comply. However, the chairman of the U.S. Securities and Exchange Commission (SEC), Gary Ge

Another member of Sam Bankman-Fried’s inner circle allegedly plans to plead guilty to criminal charges for his role in the alleged fraud that occurred at the cryptocurrency exchange FTX. According to unnamed sources familiar with the matter, Nishad Singh, FTX’s former director of engineering, is attempting to negotiate a deal with New York prosecutors. Sources Say Former FTX Director of Engineering Nears Plea Deal, Singh Could Provide Critical Testimony On Friday, Bloomberg reporter Allyson Versprille reported that Nishad Singh, the former director of engineering at FTX, is negotiating a deal with federal prosecutors in Manhattan. Two other individuals from Sam Bankman-Fried’s inner circle, ex-Alameda Research CEO Caroline Ellison and FTX co-founder Gary Wang, have already pleaded guilty to charges related to the multiyear fraud that allegedly took place at FTX since 2019. Unnamed sources who are familiar with the matter told Versprille about the agreement, and the reporter noted