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.