US Justice Department is seeking more than US$4 billion from Binance to end criminal case
- Negotiations between the Justice Department and Binance include the possibility that its founder Changpeng Zhao would face criminal charges in the US
- The agreement seeks to strike a balance that would allow Binance to continue operating, rather than risk a collapse that could cause negative fallout for markets
The US Justice Department is seeking more than US$4 billion from Binance Holdings as part of a proposed resolution of a years-long investigation into the world’s largest cryptocurrency exchange.
Negotiations between the Justice Department and Binance include the possibility that its founder Changpeng Zhao would face criminal charges in the US under an agreement to resolve the probe into alleged money laundering, bank fraud and sanctions violations, according to people familiar with the discussions.
Zhao, also known as “CZ,” is living in the United Arab Emirates, which does not have an extradition treaty with the US, but that does not prevent him from coming voluntarily.
Binance did not respond to multiple emails and phone calls seeking comment. The Justice Department declined to comment.
An announcement could come as soon as the end of the month, though the situation remains fluid, according to the people, who asked not to be named discussing a confidential matter.