TechFlow reports, according to Bloomberg, that the U.S. Department of Justice is seeking more than $4 billion in penalties from Binance Holdings Ltd. to conclude a multi-year investigation into the exchange and allow it to continue operations.
Discussions between the Department of Justice and Binance involve potential criminal charges against its founder, Changpeng Zhao, in the United States, aiming to resolve investigations into alleged money laundering, bank fraud, and sanctions violations. An announcement could come as early as the end of this month, though one person said the situation remains "uncertain."
The specific timing, structure, and exact penalty amount of the proposed settlement are still unclear. However, Binance may be required to pay over $4 billion in fines—one of the largest penalties ever in a cryptocurrency-related criminal case.
Another person familiar with the matter said Binance is trying to minimize its exposure in any settlement, including pushing for a deferred prosecution agreement. If Binance and the Department of Justice agree on such an arrangement, prosecutors would file criminal charges that would be dropped provided the company meets certain conditions. These typically include paying substantial penalties, agreeing to a detailed statement of facts outlining its misconduct, and establishing a compliance-monitoring mechanism.
