Binance, the world's largest crypto exchange, expects to pay monetary penalties to settle probes into its business in the U.S., a top executive said, in a major about-face after publicly disputing the idea that it was under any investigation and mocking media outlets that reported otherwise. In an apparent admission of breaking laws, Binance chief strategy officer Patrick Hillmann told the WSJ that the company's executives were unfamiliar with laws and rules written surrounding bribery, corruption and money laundering. Reuters reported in December that prosecutors at the U.S. Department of Justice have been investigating Binance since 2018 over any lapses in compliance with U.S. anti-money laundering laws and sanctions and was split about whether it was the right time to conclude the probe.