In a significant development, the US Department of Justice (DOJ) is reportedly pursuing a resolution with Binance, the world’s largest cryptocurrency exchange by trading volume. 

According to Bloomberg, negotiations between the two parties include the potential for Binance founder Changpeng Zhao, also known as CZ, to face criminal charges as part of the agreement. 

The investigation involves allegations of money laundering, bank fraud, and sanctions violations, and an official announcement is expected by the end of the month.

Binance Faces Record-Breaking Penalty

The probe, led by the US DOJ’s criminal division’s money laundering and asset recovery section, along with the national security division and the US attorney’s office in Seattle, is one of the largest investigations conducted into a cryptocurrency company, according to Bloomberg.

As part of the proposed resolution, Binance would likely be required to pay a penalty exceeding $4 billion, potentially making it one of the largest-ever penalties in a criminal cryptocurrency case. 

The proposed resolution aims to strike a balance that allows the exchange to continue its operations rather than risk a collapse that could have adverse consequences for the market and crypto holders. 

Binance has reportedly sought to minimize its exposure by advocating for a deferred prosecution agreement. Under such an agreement, the Justice Department would file a criminal complaint against the company.

Still, prosecution would be suspended if Binance meets specified conditions, including paying

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Author: Ronaldo Marquez

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