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Binance in Talks to Pay More Than $4B to End U.S. Criminal Case; CZ Could Still Face Charges: Bloomberg
A resolution could come as soon as the end of this month, Bloomberg reports.
Binance Holding Ltd. would be asked to pay $4 billion to settle U.S. Department of Justice accusations of multiple criminal violations, according to a report from Bloomberg News on negotiations between the DOJ and the company, which are also leaving open the possibility that its founder Changpeng "CZ" Zhao would also face U.S. criminal charges.
Binance has been under a lengthy investigation by U.S. authorities for money laundering, bank fraud and violating U.S. sanctions laws, and the talks could reportedly conclude in the coming weeks.
STORY CONTINUES BELOW
A spokesperson with the DOJ declined to comment to CoinDesk. Binance didn't immediately respond to a request for comment.
Binance and CZ have faced investigations and accusations on multiple fronts in the U.S., including related enforcement actions earlier this year from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. If the company agrees to be fined by the U.S. for more than $4 billion, that would represent one of the largest settlements in crypto history, but it's uncertain what other conditions or business requirements may come along with that penalty, according to Bloomberg.
Were U.S. authorities to charge CZ, a resident of the United Arab Emirates, with crimes, he would have to be extradited from a country with a U.S. extradition treaty or set foot in U.S. territory in order to face those charges.
Read More: Binance Feels Strain of World’s Regulators Leaping Into Action
UPDATE (November 20, 2023, 18:00 UTC): Adds further detail about the potential settlement.
Aoyon Ashraf
Aoyon Ashraf is CoinDesk's managing editor for Breaking News. He spent almost a decade at Bloomberg covering equities, commodities and tech. Prior to that, he spent several years on the sellside, financing small-cap companies. Aoyon graduated from University of Toronto with a degree in mining engineering. He holds ETH and BTC, as well as ALGO, ADA, SOL, OP and some other altcoins which are below CoinDesk's disclosure threshold of $1,000.
Jesse Hamilton
Jesse Hamilton is CoinDesk's deputy managing editor on the Global Policy and Regulation team, based in Washington, D.C. Before joining CoinDesk in 2022, he worked for more than a decade covering Wall Street regulation at Bloomberg News and Businessweek, writing about the early whisperings among federal agencies trying to decide what to do about crypto. He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers. Jesse is a graduate of Western Washington University, where he studied journalism and history. He has no crypto holdings.
