The Department of Justice (DoJ) is scheduled to publicly reveal a resolution with the largest cryptocurrency exchange, Binance, following news of a multi-million dollar settlement and significant enforcement actions by regulators.
US Attorney General Merrick Garland will reportedly announce a $4.3 billion settlement with Binance as a long-running investigation into suspected fraud, money laundering and terrorist financing reaches its climax, according to Bloomberg.
The news comes ahead of a press conference that would announce “separate but related” enforcement actions against cryptocurrencies. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam, Deputy Attorney General Lisa Monaco, and Treasury Secretary Janet Yellen were featured as speakers at this event.
Previously reported by crypto.news, the Department of Justice considered a multi-million dollar settlement with Binance and possible charges against its CEO, Changpeng Zhao. The update was followed by a rally in crypto market prices.
On Nov. 13, Binance moved $3.9 billion in USDT from the Tether stablecoin from its cold wallets to hot wallets, fueling speculation that the company transferred funds pending a major settlement with the Department of Justice. Hot wallets are typically used for instant or frequent transactions.
Binance has been the subject of multiple investigations by various US regulators, including the CFTC, the Department of Justice, and the Securities and Exchange Commission (SEC), all alleging similar charges ranging from bank fraud to money laundering operations. related to Zhao.
Binance denied any wrongdoing and went so far as to request that the charges brought by the SEC be dismissed, although the securities regulator called the motion absurd and presented the opposite argument.
