US DoJ would be willing to reach an agreement with Binance for USD 4 billion

The US Department of Justice is negotiating with Binance in a tried The company is counting on resolving its investigation, according to a Nov. 20 Bloomberg story citing people familiar with the conversations. The settlement would force Binance to pay $4 billion in fines. In exchange, the company would be allowed to continue operating while complying with US laws. According to the note, the announcement of an agreement “could come as soon as the end of the month.”

As part of the deal, 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 memo indicates that Zhao currently resides in the United Arab Emirates (UAE), which does not have an extradition treaty with the United States. This appears to imply that charges filed in the US would be unlikely to result in Zhao’s arrest.

The report claims that Binance is seeking a “deferred processing agreement.” Under the terms of this agreement, the Justice Department would file a criminal complaint but would not actually prosecute the company as long as it meets three conditions.

First, it would have to pay $4 billion in fines. Second, Binance would have to publish a detailed document admitting areas where it failed to comply with the law. Third, a monitoring process would be established to ensure that Binance complies with laws and regulations in the future, and the company would need to comply with this process.

Cointelegraph reached out to Binance for comment on the report but did not receive a response as of press time. In 2022, Zhao sued a Bloomberg subsidiary for allegedly publishing false stories claiming he ran a “Ponzi Scheme.”

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