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 Binance may reportedly shell out a settlement fine of over $4 billion to the United States Department of Justice (DOJ) to resolve a lengthy investigation into its alleged violation of American anti-money laundering laws and involvement in evading US sanctions against Iran and Russia. 
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This potential settlement, if reached, would constitute the largest-ever penalties in a criminal cryptocurrency case, according to<a href="https://www.bloomberg.com/news/articles/2023-11-20/us-seeks-more-than-4-billion-from-binance-to-end-criminal-case?srnd=cryptocurrencies-v2#xj4y7vzkg" rel="noopener noreferrer nofollow"> a recent Bloomberg report.</a>
The DOJ’s scrutiny of Binance, which began in 2018, is one of the most extensive investigations into a cryptocurrency company by the Justice Department. The allegations include aiding money laundering activities and sanctions violations. The reported settlement amount is seen as a crucial element in ongoing negotiations between Binance and the DOJ, aiming to strike a balance that allows the exchange to continue its operations.
<a href="https://www.bloomberg.com/news/articles/2023-11-20/us-seeks-more-than-4-billion-from-binance-to-end-criminal-case?srnd=cryptocurrencies-v2#xj4y7vzkg" rel="noopener noreferrer nofollow">According to</a> Bloomberg, sources familiar with the matter revealed that Binance has sought to minimize its exposure in any settlement and has pushed for a deferred prosecution agreement. Under such an agreement, the Justice Department would file a criminal complaint against Binance, but prosecution would be deferred as long as the company complies with specified conditions.
The reported negotiations also include the possibility of Binance’s founder, Changpeng Zhao, facing criminal charges. While the DOJ has advocated for a broad leadership change within the company, it remains unclear whether other Binance executives would face charges besides Zhao.
The agreement is perceived as a strategic move to avoid the potential negative repercussions for markets and cryptocurrency holders that could result from a protracted legal battle.&nbsp;
Binance has been under increased scrutiny globally, particularly in the US, where it is subject to legal and regulatory actions from various agencies. These include a <a style="color: #0000ff;" href="https://defi-planet.com/2023/06/binance-experiences-significant-outflows-following-u-s-sec-lawsuit/" rel="noopener noreferrer nofollow">lawsuit from the Securities Exchange Commission (SEC)</a> in June 2023 and a<a href="https://defi-planet.com/2023/03/bitcoin-dips-as-crypto-market-grows-apprehensive-over-cftcs-legal-action-against-binance/" rel="noopener noreferrer nofollow">llegations from the Commodity Futures Trading Commission (CFTC) in March </a>of the same year.&nbsp;
<a href="https://defi-planet.com/2023/02/binance-prepares-for-settlement-with-us-regulators-over-ongoing-regulatory-and-law-enforcement-investigations/" rel="noopener noreferrer nofollow">Despite actively cooperating with regulators’ probes</a>, Binance has <a style="color: #0000ff;" href="https://defi-planet.com/2023/07/binance-counters-cftc-allegations-with-motion-to-dismiss-cites-regulatory-overreach/" rel="noopener noreferrer nofollow">contested the lawsuits </a>and expressed disappointment with the enforcement actions.
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The post <a rel="noopener noreferrer nofollow" href="https://defi-planet.com/2023/11/binance-may-pay-over-4-billion-to-settle-u-s-doj-probe-the-largest-ever-in-crypto-report/">Binance May Pay Over $4 Billion to Settle U.S. DOJ Probe; the Largest-Ever in Crypto – Report</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Binance May Pay Over $4 Billion to Settle U.S. DOJ Probe; the Largest-Ever in Crypto – Report

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