Posted: November 20, 2023

• The US DoJ is reportedly seeking billions of dollars to end its criminal case against Binance and its co-founder
• The criminal charges includes violations of sanction laws, bank fraud, and money laundering

The United States has reportedly put a price on the criminal case against the largest crypto exchange – Binance and its co-founder – Changpeng Zhao. According to Bloomberg, the US Department of Justice (DoJ) is seeking over $4 billion from the exchange to ease its legal woes. Additionally, the report claims that a deal could be finalized by the end of this month.

The year-long investigation conducted by the Justice Department could bring multiple criminal charges against both the exchange and its founder. This could include violations under money laundering, bank fraud, and US sanction laws.

Moreover, this news follows a months-old report that claimed that the US DoJ was split over charging Binance over fears of causing a bank run. The regulatory authorities had been considering other options such as fines or non-prosecution agreements to mitigate risks to consumers. And, based on the latest report, the official step that would be taken by the US Department of Justice could be revealed soon.

Binance’s legal troubles

Notably, the DoJ is not the only US regulatory authority that has set its sights on the largest crypto exchange. The US Securities and Exchanges Commission (SEC) and the Commodity and Future Trading Commission (CFTC) have already taken action