The US Department of Justice’s $4 Billion Settlement Demand from Binance
The US government is reportedly seeking over $4 billion from Binance, the world’s largest cryptocurrency exchange by trading volume, to settle a criminal investigation. Talks between the US Department of Justice (DOJ) and Binance have been ongoing for a while, and according to a report by Bloomberg, a resolution could be reached within weeks.
The DOJ is pursuing the significant sum as part of a proposed settlement related to a years-long investigation into Binance, which involves multiple criminal violations.
The discussions also raise the possibility that Changpeng Zhao, the founder of Binance, could face criminal charges in the United States. These charges are linked to allegations of bank fraud, money laundering, and sanctions violations, as per sources familiar with the ongoing discussions.
Timeline of the Investigation and Settlement Talks
According to a tweet by Bloomberg Crypto on November 20, 2023:
The US Justice Department is seeking more than $4 billion from Binance as part of a proposed resolution of a years-long investigation into the world’s largest crypto exchange source
The report suggests that the negotiations between the US government and Binance are expected to conclude within weeks.
Market Impact: Bitcoin and BNB Prices Surge
Following the news, Bitcoin and BNB prices experienced a notable surge. Bitcoin prices rose to above $37,600, marking a 3% increase, while BNB prices reached $262, reflecting a 7% increase over the past 24 hours.
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