The Department of Justice is scheduled to announce a settlement with Binance in a press conference today.
Binance Holdings faces a demand of over $4 billion from the U.S. Justice Department as part of ongoing talks to resolve a lengthy investigation, sources told Bloomberg News on Monday. Discussions also involve the potential for criminal charges against the founder, Changpeng Zhao, in the United States.
The outcome of the situation is expected to significantly impact investor confidence in the cryptocurrency space, which has been negatively affected by government inquiries and legal actions against various firms and individuals, including the recent conviction of FTX founder Sam Bankman-Fried for fraud. Despite setbacks such as high-profile collapses in the past year, the industry is striving to recover and has received support from certain traditional financial institutions, signaling a potential rebound.
Update
Binance’s founder, Changpeng Zhao, is set to resign and intends to plead guilty for breaching U.S. anti-money-laundering regulations. The cryptocurrency exchange is expected to acknowledge wrongdoing and pay fines amounting to $4.3 billion, with the CEO’s move potentially allowing the company to maintain its operations, as per sources familiar with the situation.
Update
Binance crypto exchange faces criminal charges filed by US prosecutors.
Update
Binance Users withdraw more than $1 billion from Binance following the departure and guilty plea of the CEO.
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