DOJ demands $4bn from Binance to end criminal case: Bloomberg

Beleaguered crypto exchange Binance might have to fork over billions to US authorities.

The Department of Justice has been investigating the world’s largest crypto exchange by trading volume over the past year.

Bloomberg reports that the agency is seeking over $4 billion from Binance. The deal would see the criminal case against the exchange dropped.

Its founder Changpeng Zhao could still face charges in the US, to resolve the investigation into money laundering, wire fraud and sanctions violations, sources close to the matter told Bloomberg.

Binance did not immediately respond to a request for comment from DL News.

Now read

Binance CEO braces for a legal showdown that will rock the industry — who is Changpeng Zhao?

Binance CEO Changpeng Zhao should be celebrating.Binance CEO Changpeng Zhao should be celebrating.

The timing and structure of any deal are still unknown. It could come before the end of November, the report said.

If the exchange is asked to pay over $4 billion, it would be one of the largest fines ever imposed following a cryptocurrency investigation.

This is a breaking news story and will be updated as more details become available.