United

Fine

Billion

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/">U.Today</a>
 </figcaption> 
</figure>
The United States Justice Department is reportedly asking for over $4 billion from Binance to settle a long-standing investigation into the cryptocurrency exchange, Bloomberg <a href="https://news.bloomberglaw.com/banking-law/us-seeks-more-than-4-billion-from-binance-to-end-criminal-case">reports</a>.&nbsp;
To put things into perspective, the possible fine would be three times the size of the <a href="https://www.justice.gov/opa/pr/hsbc-holdings-plc-and-hsbc-bank-usa-na-admit-anti-money-laundering-and-sanctions-violations">HSBC forfeitures</a>.&nbsp;
It should also be noted that the settlement discussions reportedly allow for the possibility that Changpeng Zhao, the founder of Binance, might face criminal charges in the U.S.&nbsp;
These charges would address allegations of money laundering, bank fraud, and violations of sanctions.
<h2 id="binance-s-tumultuous-year">Binance's tumultuous year&nbsp;</h2>
As <a href="https://u.today/binances-cz-could-face-criminal-charges-wsj">reported by U.Today</a>, there have been numerous reports about Binance potentially facing criminal charges from the U.S. Justice Department.&nbsp;
Binance's challenges have been mounting throughout the year. The crypto giant is in the middle of a tumultuous period marked by executive departures, layoffs, and a slip in market dominance.&nbsp;
The exchange, once at the pinnacle of the crypto market, now contends with internal strife and a reduced market share.
<h2 id="super-bullish">Super bullish?&nbsp;</h2>
The cryptocurrency community watches the unfolding Binance saga with bated breath, and prominent figures like Mike Novogratz are weighing in with optimism.&nbsp;
The well-known investor took to X to share his positive outlook right after the bombshell news broke. "Binance settling with the US regulators would be super bullish!! Not sure if reports are true but I personally am hoping for a settlement and for the industry to move forward," he <a href="https://twitter.com/novogratz/status/1726654930998763749">said</a>.&nbsp;
In the wake of these developments, Binance's native token, BNB, has reacted positively, with a surge of more than 7% following the news, according to CoinGecko <a href="https://www.coingecko.com/">data</a>. Bitcoin, the flagship cryptocurrency, is also nearing the $38,000 level once again.&nbsp;
This uptick is a strong signal from investors who seem to share Novogratz's bullish stance.&nbsp;

Binance Facing Shocking $4 Billion Fine in US

Table of Contents

U_Today

Other articles published on Nov 20, 2023

Elon Musk’s Comments On xAI Shareholding Send AI Tokens On A Tear

3 Altcoins Set To Skyrocket In Next Crypto Bull Run, According To Analyst

Microsoft Power Play: OpenAI’s Altman and Brockman Hired for AI Research!

When is the best time to buy altcoins?

A Detailed Guide For Buying Dogecoin on eToro & Its Prospects

Pyth Network’s token launch hits $468m cap, airdrops to 90k wallets

Join our free newsletter for daily crypto updates!