The U.S. Department of Justice has reportedly proposed a $4 billion settlement to conclude a lawsuit against the world’s largest cryptocurrency exchange.
According to Bloomberg’s sources familiar with the ongoing negotiations, discussions are in progress with Binance CEO Changpeng Zhao (CZ) to resolve an investigation into allegations of money laundering, bank fraud, and sanctions violations involving the exchange.
CZ, a resident of the United Arab Emirates (UAE) — a country without an extradition treaty with the United States — faces a complex situation. While the specifics are currently uncertain, sources suggest that an announcement could be made by the end of the month.
Although the exact amount is yet to be determined, estimates suggest that Binance might end up paying over $4 billion, potentially making it one of the largest fines ever imposed on a cryptocurrency company.
Three sources informed Bloomberg that the proposed deal seeks to establish a middle ground, allowing Binance to continue its business operations.