The United States Department of Justice is seeking over $4 billion from Binance Holdings as it looks for a resolution to a year-long investigation into the exchange and its operations.
Negotiations between Binance and the Justice Department have also thrown up the possibility of Binance founder Changpeng Zhao facing criminal charges.
A Record-Breaking Penalty
The United States Justice Department is reportedly seeking $4 billion from Binance, the world’s largest cryptocurrency exchange by trading volume. The investigation into Binance involves several allegations, including bank fraud, money laundering, and sanction violations. The probe is being led by the Justice Department’s criminal division’s money laundering and asset recovery section and the national security division of the US attorney’s office in Seattle. This makes it one of the most extensive investigations into a crypto company.
As part of the resolution, Binance must pay a penalty of $4 billion, making it one of the
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