According to reports, the cryptocurrency exchange Binance is facing a $4 billion demand from the US Department of Justice (DOJ) to resolve a criminal case. The DOJ has been investigating Binance for allegations of money laundering, bank fraud, and violating sanctions.

US Department of Justice Demands $4 Billion from Binance

According to Bloomberg citing sources on Monday, the US Department of Justice (DOJ) is reportedly seeking over $4 billion in compensation from Binance Holdings Limited as part of a proposed settlement agreement to end the years-long investigation into the cryptocurrency exchange and its CEO, Changpeng Zhao (CZ).

The news outlet revealed that the DOJ has been investigating Binance for allegations of money laundering, bank fraud, and violating sanctions, and added that negotiations between Binance and the DOJ include the possibility of CZ facing criminal charges in the United States. The payment of over $4 billion is expected to come as soon as the end of this month.

According to three sources familiar with the matter, the settlement agreement aims to find a middle ground that would allow Binance to continue operating and avoid a potential collapse that could devastate the cryptocurrency market and holders. Another individual noted that the largest cryptocurrency exchange is seeking to minimize its risk in any settlement, including pushing for a deferred prosecution agreement.

The publication detailed that if Binance reaches a deferred prosecution agreement with the DOJ, the department would bring criminal charges against the cryptocurrency exchange. However, as long as the company complies with agreed-upon conditions, typically including paying substantial fines and detailed admission of wrongdoing, the US would not pursue litigation. This would establish a monitoring process to oversee the compliance of cryptocurrency companies.

Binance is facing legal and regulatory hurdles from various US agencies, as well as scrutiny from lawmakers. In June, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance and Zhao. The Commodity Futures Trading Commission (CFTC) also sued Binance and Zhao in March. The world's largest cryptocurrency exchange is seeking to dismiss the SEC and CFTC complaints. Last month, two US lawmakers urged the DOJ to consider criminal charges against Binance, alleging that the cryptocurrency exchange's platform was used to fund Hamas and has a "history of allowing illicit activities to occur."

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