HomeMarket NewsBinance in Hot Water, Faces $4B Penalty from U.S. Justice Department

Binance in Hot Water, Faces $4B Penalty from U.S. Justice Department

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Securities And Exchange Commission Sues Large Cryptocurrency Exchanges, Binance And Coinbase

Justin Sullivan

The U.S. Justice Department is demanding Binance cough up more than $4 billion in penalties to put an end to a criminal case related to alleged sanctions violations, money laundering, and bank fraud, according to individuals familiar with the matter who spoke to Bloomberg on Monday.

Under the proposed resolution of the years-long investigation, Binance’s leader Changpeng Zhao, known as β€œCZ,” would potentially face criminal charges in the U.S. Negotiations between the DOJ and Binance have centered around these issues.

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