The world’s largest cryptocurrency exchange has purportedly reached an agreement to pay over $4 billion as part of a settlement with the U.S. government, according to an individual familiar with the deal who spoke to The Associated Press on Tuesday.

The development in the case against Binance was confirmed on the condition of anonymity ahead of an expected announcement. Bloomberg first reported the value.

It comes months after the company was accused of operating as an unregistered securities exchange and violating a slew of U.S. securities laws in a lawsuit from regulators.

Binance is a Cayman Islands limited liability company founded by CEO Changpeng Zhao. The charges were similar to practices uncovered after last year’s collapse of the second largest cryptocurrency exchange, FTX.

Zhao has also faced allegations of diverting customer funds, concealing that the company was commingling billions of dollars in investor assets and sending them to a third party that Zhao also owned.

Binance claimed to be cooperating with the investigation when the U.S. Securities and Exchange Commission filed a lawsuit against the company. However, Binance criticized the agency, claiming it “chose to act unilaterally and litigate.”

Scandals and market meltdowns have marred the cryptocurrency industry. Sam Bankman-Fried, the 31-year-old founder of the unsuccessful cryptocurrency brokerage FTX, was recently found guilty of fraud for embezzling a minimum of $10 billion from customers and investors.