Binance Says It Had Compliance Gaps, US Regulator Talks Ongoing

Binance, the world’s biggest crypto exchange, had earlier “gaps” in its regulatory compliance that have since been closed, Chief Strategy Officer Patrick Hillmann said in an interview.

An initially small staff was stretched thin as the company tackled international expansion, compliance and cybersecurity after starting up in 2017, he said.

“It’s a tremendous burden,” Hillmann said Wednesday. “As a result, there were some gaps in our compliance system in the first two years.”

Hillmann said Binance is in settlement discussions with US regulators but added he can’t provide a time-line or potential settlement amounts. In an interview with the Wall ...