US Justice Dept reportedly ready to settle with Binance for $4B
The United States Justice Department is negotiating with Binance in an attempt to resolve its investigation into the company, according to a Nov. 20 report from Bloomberg citing people familiar with the discussions. The agreement would require Binance to pay $4 billion in fines. In return, the company would be allowed to keep operating while complying with U.S. laws. According to the report, the announcement of an agreement “could come as soon as the end of the month.”
*US SEEKS MORE THAN $4 BILLION FROM BINANCE TO END CRIMINAL CASE
— db (@tier10k) November 20, 2023
Source: Bloomberg | Coins: BNB
As part of the agreement, Binance CEO Changpeng Zhao (also known as “CZ”) would face the possibility of criminal charges as part of an investigation into “alleged money laundering, bank fraud and sanctions violations.” The report states that CZ currently lives in the United Arab Emirates, which does not have an extradition treaty with the United States. This seems to imply that charges filed in the U.S. would unlikely result in CZ’s arrest.
Related: Sealing docs in Binance case could suggest a criminal probe
The report claims that Binance is seeking a “deferred prosecution agreement.” Under the terms of this deal, the Justice Department would make a criminal complaint but would not actually prosecute the company so long as it complies with three conditions.
First, Binance would need to pay $4 billion in penalties. Second, it would need to publish a detailed document admitting areas where it didn’t comply with the law. Third, a monitoring process would be set up to ensure Binance complies with laws and regulations in the future, and the company would need to comply with this process.
Cointelegraph reached out to Binance for comment on the report but did not receive a response by the time of publication. In 2022, CZ sued a Bloomberg subsidiary for allegedly publishing false stories claiming he was running a Ponzi scheme.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump Nominates Bitcoin Advocate Scott Bessent for Treasury Secretary
Crypto Market Cools Off as $500 Million Gets Wiped Out, Bitcoin and Ethereum Face Losses
AI models master capabilities long before exhibiting them, research shows
Share link:In this post: Research has shown that AI models master capabilities long before they exhibit them. Researchers claim the models can internalize concepts long before exhibiting them. Researchers reveal different methods to reveal hidden capabilities.
AI can be used to promote jobs, not be a replacement, says AWS vice president
Share link:In this post: AI will take over boring tasks, giving people more time to focus on creative and innovative work. Workers need to learn new skills to adapt to the growing use of AI. AI will work with humans to improve industries like customer service, healthcare, and more.