Binance Faces $4 Billion Demand From US Justice Department to Settle Criminal Case: Report The U.S. Department of Justice (DOJ) is reportedly seeking more than
$4 billion from Binance Holdings Ltd. as part of a proposed settlement to conclude its multiyear investigation
into the crypto exchange and its CEO Changpeng Zhao (CZ), Bloomberg reported Monday, citing people familiar with the matter.
The Justice Department has been investigating Binance on allegations related to money laundering, bank fraud, and sanctions violations
, the news outlet conveyed, adding that negotiations between Binance and the DOJ include CZ potentially facing criminal charges in the U.S. The settlement aims to find a middle ground to allow
Binance to continue operations and avoid a potential collapse that could devastate crypto markets and cryptocurrency holders, according to three people familiar with the matter.
If a deferred prosecution agreement is reached between Binance and the DOJ,
the Justice Department would initiate a criminal complaint against the cryptocurrency exchange, the publication detailed.
