Binance to Pay $4 Billion in Department of Justice Settlement
Adekunle Joshua
Reportedly, the US Justice Department is seeking over $4 billion from Binance in a proposed resolution for a years-long investigation into the world's largest crypto exchange
Additionally, criminal charges against Binance founder CZ are also on the table
Binance is also facing charges, including alleged money laundering, bank fraud, and sanctions violations
The crypto exchange is currently negotiating the possibility of criminal charges against CZ, who resides in the UAE
Binance is seeking to minimize exposure, pushing for a deferred prosecution agreement
Some experts see a potential monitoring provision in a settlement as a compromise for Binance's evolution into a more compliant future
The proposed resolution aims to allow Binance to continue its operations
The exchange is facing legal actions from multiple US agencies, including the SEC and CFTC, and contends with demands for leadership change.