Binance to Settle Charges With U.S. DOJ: Reports

5 views 3:16 pm 0 Comments November 21, 2023
Crypto exchange Binance will settle a long-running investigation with the U.S. Department of Justice in a deal to be announced later Tuesday, an individual familiar with the situation told CoinDesk.

The DOJ announced it would hold a press conference on Tuesday to announce “significant cryptocurrency enforcement actions” with Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco, and CFTC Chairman Rostin Behnam. The individual said this would be tied to the DOJ’s long-running investigation into Binance.

On Monday, Bloomberg, which first reported what Tuesday’s press conference would detail, reported that Binance could settle the DOJ’s charges with a $4 billion fine and a deferred prosecution agreement. Reuters later confirmed the announcement would detail the DOJ’s deal with Binance.

It’s unclear whether Binance founder Changpeng “CZ” Zhao will face additional or separate charges alongside the settlement. A second individual not directly involved in the matter said costs tied to a specific person are likely. A DOJ spokesperson declined to comment.

The DOJ has investigated allegations it allowed people from sanctioned countries to operate on its exchange, alongside other issues. It was sued by the CFTC earlier this year.

The price of bitcoin (BTC) and Binance’s native token, BNB, rose after the settlement report.

 

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