Crypto exchange Binance is negotiating with the US Department of Justice to resolve the dispute. Bloomberg reports this with reference to its sources.
Let us remind you that information about a possible investigation of the company’s activities by the Ministry of Justice appeared in June 2023. Former head of the US Securities and Exchange Commission (SEC) John Reed Stark suggested that the case has already been opened, but classified as “secret”.
In July, CNBC, citing a source at the firm, confirmed that an investigation was underway. It was also noted here that the exchange is forced to reduce staff amid increasing pressure from supervisory authorities.
Bloomberg believes that the investigation could be closed by the end of November 2023. According to the publication, the exchange is actively negotiating with the department.
The publication’s source also noted that resolving the dispute will likely require payment of a fine of $4 billion. In addition, the settlement agreement will not relieve Binance CEO Changpeng Zhao from criminal charges, Bloomberg said.
The company, according to the note, insists on deferring prosecution. This will allow the exchange to continue operating and also avoid further investigation.
It is noteworthy that such an agreement, among other things, provides for a detailed statement of the violations of the guilty party. According to Bloomberg, the Ministry of Justice suspects the company of aiding money laundering, bank fraud and violating sanctions against the Russian Federation and Iran.
At the time of writing, neither Zhao nor the Binance press service commented on the publication’s statement.
