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The United States has reportedly put a price on the criminal case against the largest crypto exchange – Binance and its co-founder – Changpeng Zhao. According to Bloomberg, the US Department of Justice (DoJ) is seeking over $4 billion from the exchange to ease its legal woes. Additionally, the report claims that a deal could be finalized by the end of this month.
The year-long investigation conducted by the Justice Department could bring multiple criminal charges against both the exchange and its founder. This could include violations under money laundering, bank fraud, and US sanction laws.
Moreover, this news follows a months-old report that claimed that the US DoJ was split over charging Binance over fears of causing a bank run. The regulatory authorities had been considering other options such as fines or non-prosecution agreements to mitigate risks to consumers.
The story is still developing…