US authorities expected to unveil settlement with Binance | Binance
US government authorities are expected to unveil a settlement with Binance on Tuesday, resolving a years-long investigation into the world’s largest crypto exchange, according to a source familiar with the matter.
The deal, which will include charges against individuals and resolve allegations of violations of the Bank Secrecy Act and other US laws, involves multiple US agencies: the justice department, the commodity futures trading commission and the treasury department’s financial crimes enforcement network, the source said.
The resolution would involve a large penalty with Binance, though the source did not specify the exact amount. On Monday, Bloomberg reported that the justice department was seeking $4bn from the firm.
Binance has been under justice department’s scrutiny since at least 2018, just one of a string of legal and regulatory headaches it faces in the US.
Federal prosecutors asked the company in December 2020 to provide internal records about its anti-money laundering efforts, along with communications involving CEO
and founder Changpeng Zhao.
More details soon…