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Nov 21, 2023
The US Justice Department is in final talks with Binance Holdings Ltd., aiming for a resolution that could require the cryptocurrency giant to pay over $4 billion.
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This move could signal the end of a lengthy investigation into alleged money laundering, bank fraud, and sanctions violations, as reported by Bloomberg.
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Key aspects of the investigation include the possibility of criminal charges against Binance founder Changpeng Zhao.
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Led by various divisions, including the criminal division’s money laundering and asset recovery section, it marks one of the most extensive probes into a cryptocurrency company by the Justice Department.
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Although specific charges remain undisclosed, the anticipated penalty could be among the largest in the history of criminal cryptocurrency cases.
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Negotiations aim to strike a balance, allowing Binance to continue operations without causing a collapse that could impact markets and cryptocurrency holders
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The proposed agreement involves filing a criminal complaint, with deferred prosecution contingent on Binance meeting conditions, including a substantial penalty and acknowledgment of wrongdoing.
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The case reflects a broader trend of increased legal actions, with the SEC previously filing a lawsuit against Binance and Zhao for alleged mishandling of funds and securities violations.
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