Key Points:
According to the Wall Street Journal, Binance, under Zhao’s ownership, is also expected to plead guilty to a criminal charge and agree to pay fines amounting to $4.3 billion. The Binance fine for US government includes settlements for civil charges brought by regulators. The resolution, which will be officially announced in a press conference at 3 p.m. EST today, involves a substantial penalty for Binance, although the exact amount remains unspecified.
The Binance fine for US government comes as part of an ongoing case with the US government and the Justice Department, seeking a $4 billion settlement from the cryptocurrency exchange, as reported yesterday.
Coincu reported that Zhao intends to step down as CEO in connection with this deal, admitting guilt for violating U.S. anti-money-laundering requirements. The agreement aims to secure the company’s ability to continue operations.
The Department of Justice (DOJ) has been conducting a prolonged investigation into Binance, with allegations ranging from allowing individuals from sanctioned countries to operate on its platform to various other issues. The DOJ has filed lawsuits against Binance with both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
The DOJ’s press conference today, featuring Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco, and CFTC Chairman Rostin Behnam, is expected to shed light on these significant cryptocurrency enforcement actions tied to the Binance investigation.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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