One of the biggest cryptocurrency settlements might be on the horizon as the US Justice Department demands $4 billion from Binance.
Bloomberg reports that in order to end a protracted investigation, the US Justice Department is seeking almost $4 billion from Binance Holdings.
Speculation has suggested that the creator of Binance may be subject to US criminal charges. Regardless, Binance may be able to keep functioning in the US thanks to the arrangement, which would prevent major market disruption.
The crypto industry may have never seen a settlement of this scale, if all parties involved can come to an agreement. An answer from Binance is still pending.
This presents Binance with a chance to improve its compliance and investor friendliness, say many industry observers. The move by the DoJ is in response to a recent conviction for bitcoin fraud. Nevertheless, the creator of Binance resides in the UAE, a country that does not have an extradition agreement with the US.
There have been previous complaints brought against Binance by US officials, but this one is unique. In the wake of the news, Binance Coin’s value surged almost 7%, hitting a level not seen since June. Still, it’s down significantly from its all-time high in May 2021.
