US wants over $4B from Binance to end criminal case: Bloomberg

• The US Department of Justice is looking for $4 billion from Binance as settlement over the prolonged investigations against the crypto exchange.
• Bloomberg says in a report that talks between the DOJ and Binance have been ongoing for a while and could end within weeks.

The US government is reportedly seeking over $4 billion from Binance, the world’s largest cryptocurrency exchange by trading volume, in order to settle the criminal investigation against it. 

The US Department of Justice and Binance have held discussions over this, Bloomberg News said in a report published on Monday.

The US Justice Department is seeking more than $4 billion from Binance as part of a proposed resolution of a years-long investigation into the world’s largest crypto exchange https://t.co/T3jDuKygLF

— Bloomberg Crypto (@crypto) November 20, 2023

Per the report, the DOJ will want Changpeng Zhao’s crypto behemoth to pay the colossal amount as part of a settlement in a case involving multiple criminal violations.

The talks between Binance and the DOJ also highlight the possibility that Zhao could face criminal charges in the US. This relates to allegations of bank fraud, money laundering and sanctions violations, according to people familiar with the said discussions.

According to the report, talks between the US government and Binance could conclude within weeks.

Bitcoin and BNB prices have spiked to above $37,600 and $262 respectively, up 3% and 7% in the past 24 hours.