US Justice Dept reportedly ready to settle with Binance for $4B By Cointelegraph

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© Reuters.

The United States Justice Department is negotiating with Binance in an attempt to resolve its investigation into the company, according to a Nov. 20 report from Bloomberg citing people familiar with the discussions. The agreement would require Binance to pay $4 billion in fines. In return, the company would be allowed to keep operating while complying with U.S. laws. According to the report, the announcement of an agreement “could come as soon as the end of the month.”

As part of the agreement, Binance CEO Changpeng Zhao (also known as “CZ”) would face the possibility of criminal charges as part of an investigation into “alleged money laundering, bank fraud and sanctions violations.” The report states that CZ currently lives in the United Arab Emirates, which does not have an extradition treaty with the United States. This seems to imply that charges filed in the U.S. would unlikely result in CZ’s arrest.