The US government is seeking more than $4 billion from Binance to end its ongoing criminal case with the platform. Indeed, Bloomberg reported that the US Department of Justice (DOJ) is seeking the funds as a key part of a proposed resolution.
Binance has been subject to ongoing scrutiny from the United States and its regulators. Moreover, the DOJ had debated potentially charging the crypto exchange with fraud, weighing the impact of the industry overall, and a bank run that would have ensued.
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DOJ Seeking More Than $4 Billion From Binance to End Criminal Case
In a vital development for the proceedings, the US government is seeking over $4 billion from Binance to end its criminal case. Moreover, the funds would be a key part of the proposed resolution. Subsequently, it would bring an end to an investigation of the cryptocurrency exchange that has been ongoing for years.
Additionally, reports state that criminal charges for Binance founder Changpeng Zhao would be included in a resolution. Specifically, Bloomberg states the resolution plan would “resolve the probe into alleged money laundering, bank fraud, and sanctions violations,” according to sources.
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Binance and Zhao have been the centers of ongoing United States concerns. Currently, Zhao is said to be located in the United Arab Emirates (UAE). The nation does not have an extradition treaty with the United States. However, that fact would not keep him from traveling to the US on his own accord.
To this point, Binance has yet to comment on reports of a proposed resolution. Conversely, such an agreement would be a massive development amid ongoing US scrutiny of the exchange. It had been the subject of a Commodity Futures Trust Commission (CFTC) lawsuit. Specifically, the legal action cited “willful evasion” of United States laws.