Binance, the world’s largest cryptocurrency exchange, and its CEO are facing various criminal cases in the USA. This puts the giant stock market in a very difficult situation. According to Bloomberg, the USA wants more than $4 billion from Binance to end criminal cases. Meanwhile, upon this news, the price of BNB, the local token of the stock exchange, started to rise.
Interesting claim: The USA wants over 4 billion dollars from Binance!
cryptokoin.comAs you follow from , Binance, the world’s largest crypto exchange, is in trouble. Especially the lawsuits filed by the USA against the stock exchange and its CEO Changpeng Zhao (CZ) are annoying. According to Bloomberg’s report on negotiations between the US Department of Justice (DOJ) and Binance, Binance Holding Ltd will be asked to pay $4 billion to resolve US Justice Department accusations of numerous criminal violations. This leaves open the possibility that founder Changpeng Zhao could also face US criminal charges.
Binance is under investigation by US authorities for money laundering, bank fraud and violations of US sanctions laws. Bloomberg suggests that negotiations for reconciliation may be concluded in the coming weeks. On the other hand, the Ministry of Justice has not yet made an official statement on the issue. Additionally, Binance did not respond to requests for comment on the matter.
If Binance accepts, it will be one of the biggest deals in history!
Binance and CZ faced investigations and accusations on multiple fronts in the US earlier this year, including related enforcement actions from the US Securities and Exchange Commission and the Commodity Futures Trading Commission (CFTC). According to Bloomberg, if the company agrees to be fined more than $4 billion by the US, this would represent one of the largest settlements in crypto history. However, it is unclear what other conditions or job requirements will come with this penalty.
If US authorities had charged CZ, who resides in the United Arab Emirates, with a crime, he would have had to be extradited from a country that has an extradition treaty with the US or set foot on US soil to face those charges.
The news had a positive impact on BNB price performance
This news also sheds light on the issue of whether the giant crypto exchange will be disabled soon. Because, if there is a consensus, it is possible that a major threat to the crypto market will soon disappear. Upon this news, Binance Coin (BNB), the native token of the stock exchange, started to rise. After initial declines in the headlines, BNB reached session highs. At press time, BNB was up 5.3% on a daily basis to $258.
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