Cryptocurrency exchange Binance is on the verge of settling a protracted investigation with the U.S. Department of Justice (DOJ), with an official announcement expected later today, according to an individual familiar with the matter.
As part of this settlement, there are reports that Binance founder Changpeng “CZ” Zhao might step down from his role as CEO. The DOJ has scheduled a press conference to disclose “significant cryptocurrency enforcement actions,” featuring key figures such as Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco, and CFTC Chairman Rostin Behnam, with indications that this relates to the extensive investigation into Binance.
Sources suggest that the settlement could involve a substantial $4 billion fine and a deferred prosecution agreement. The nature of the charges against Binance includes allegations related to allowing individuals from sanctioned countries to operate on its platform, among other issues.
While details about Zhao potentially facing separate charges remain unclear, there are discussions about him stepping down from his role, according to Forbes. The news of the impending settlement has had an impact on the market, with both bitcoin (BTC) and Binance’s native token BNB experiencing a rise in price following the reports.
