According to Bloomberg News, Binance Chief Strategy Officer Patrick Hillmann said in an interview that Binance had some loopholes in regulatory compliance in the past few years, but they have since been resolved and are currently in settlement discussions with U.S. regulators, but he could not provide timing and potential settlement amounts. Hillmann said Binance could not discuss ongoing dialogue with regulators, but has been very cooperative. At present, Binance’s compliance expert team has expanded to more than 750 people in the past two years. Noah Perlman, the former chief operating officer of Gemini Trust, joined Binance as the chief compliance officer in January this year.