For the past five years, the US Department of Justice has reportedly been investigating Binance, the world’s largest crypto exchange, for suspected money laundering, unlicensed money transmission, and criminal sanctions violations. But now, according to a report in Bloomberg, the DOJ is willing to settle—for $4 billion.
Citing anonymous sources, Bloomberg says the DOJ has entered into negotiations with Binance over the structure of the deal, which may take the form of a deferred prosecution agreement, under which the agency would file criminal charges against Binance but decline to follow through—provided the exchange meets certain criteria and pays the proposed financial penalty. The agreement would not necessarily prevent the DOJ
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