Just-In: Binance Finally Responds To U.S. Regulatory Concerns; But Fails To Provide Financials

Binance News: The world’s largest cryptocurrency exchange has finally responded to the severe criticism and concerns about its operations that have been raised by top U.S. senators, notably Elizabeth Warren. Binance has recently found itself in a sticky situation as a result of increased regulatory scrutiny over crypto companies operating in the country.

Binance Responds To Allegations

Patrick Hillmann, Chief Strategy Officer at Binance, outlined the company’s efforts to expand its compliance program team in a letter that went 14 pages long and was obtained by leading media outlets. However, Hillmann offered very few specifics regarding the company’s financial situation.

The response did not offer a significant amount of the material that legislators requested in their letter dated March 1 in which they referred to Binance as a “hotbed” of criminal behavior. Instead, in his statement, Hillmann noted that the Binance exchange is currently placing a high priority on regulatory compliance and that Binance and Binance.US “are different entities,” despite what certain public reportage may have suggested.

Earlier, Hillmann had admitted the existence of compliance holes in its budding years which have since been closed and that the firm wishes to settle down with the regulators.