TechFlow news, according to the Wall Street Journal citing知情人士, the U.S. Department of Justice has been conducting a year-long investigation into Binance, which could lead to criminal charges against both Binance and its CEO CZ, along with potential fines amounting to billions of dollars.
Binance is also facing litigation from the U.S. Securities and Exchange Commission (SEC), accusing it of illegally operating in the United States and misusing customer funds. Binance has acknowledged past mistakes but insists that customer funds are secure and says it is committed to compliance. A Binance spokesperson said: "We have been working tirelessly not only to learn from our past but also to continue investing in teams and systems that ensure user protection."
Meanwhile, Binance.US's operations in the U.S. have nearly ground to a halt. The branch’s CEO, general counsel, and head of risk have all recently departed. According to知情人士, Binance and the U.S. Department of Justice have held discussions over several months, and internally, Binance has been assessing whether CZ should step down from his position. Privately, CZ has been seeking new legal representation for the case with the U.S. Department of Justice. He currently resides in the United Arab Emirates, which lacks an extradition treaty with the United States.
