Those with knowledge of the matter claim that the settlement is worth $4–$5 billion.
According to persons familiar with the situation, cryptocurrency exchange Binance is in negotiations with US regulators to resolve criminal accusations and associated investigations.
According to people familiar with the matter, the US Department of Justice stands to gain anywhere from $4 billion to $5 billion from the settlement agreement. The report also stated that the exchange has been in discussions with the DOJ for years despite being the target of a civil lawsuit by the US Securities and Exchange Commission.
According to the SEC’s lawsuit, the cryptocurrency exchange mixed customer funds and sold unregistered securities.
The proposed agreement between the DOJ and Binance would grant law enforcement access to the exchange’s vast database while allowing the exchange to continue operating, avoiding a potential collapse and its consequences. According to people with knowledge of the situation, DOJ agents and other investigators are considering using the exchange to improve their ability to keep an eye on illegal financial activity.
A rival of Binance, FTX, failed in November of last year.
According to reports, the DOJ’s asset recovery and money laundering team is in charge of the settlement.
The DOJ has been looking at Binance for years; back in October, lawmakers urged the DOJ to decide whether to press charges.
In addition, the DOJ is investigating Binance for possible sanctions evasion. The company reportedly assisted in bypassing Iranian and Russian sanctions. It has also been charged with aiding Hamas, despite having collaborated with Israeli law enforcement to block cryptocurrency accounts connected to Hamas in October.
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The Securities and Exchange Commission has also filed a lawsuit against the cryptocurrency exchange, claiming that it provided unregistered securities and mixed consumer funds.
Requests for comment were not immediately answered by DOJ or Binance representatives.
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