US to officially announce settlement with Binance at 3 p.m.

abdelaziz Fathi

The U.S. Department of Justice (DOJ) is reportedly set to announce today a settlement with Binance, concluding a lengthy investigation into the cryptocurrency exchange’s compliance with U.S. laws.

According to multiple sources, the settlement, which will be unveiled today at 3 p.m. ET, involves the resolution of charges related to the Bank Secrecy Act and other legal statutes. The deal involves multiple U.S. agencies including the Justice Department, the Commodity Futures Trading Commission, and the Financial Crimes Enforcement Network.

While the exact terms of the deal are not yet public, there is speculation that Binance could be fined more than $4 billion as part of the agreement, which may also involve a deferred prosecution arrangement. Binance CEO Changpeng ‘CZ’ Zhao has been in negotiations that could potentially include facing criminal charges, though it is not clear if he will be charged separately from the settlement.

Interestingly, Binance executed a transfer of 3.9 billion USDT, a stablecoin pegged to the US dollar, within its own wallets on the Tron blockchain. The transaction, which is reported to be the eighth-largest of its kind on Tron, involved moving the funds from “Binance-Cold 2” to “Binance 3,” followed by a subsequent transfer of 300 million USDT to a separate wallet.

The timing of the large-scale transfer has prompted speculation among social media users and market observers. Questions have been raised about the origins of these funds and whether they are intended to cover the speculated fine. While some are seeking to establish a connection between the transfer and the DOJ’s reported settlement, no official statement from Binance has confirmed any link between the two events.

The DOJ has been probing Binance since at least 2022 over concerns related to money laundering and sanctions violations.

Binance faced legal action from the CFTC earlier this year, and the SEC filed civil charges against Binance-related entities and Zhao in June. The SEC’s allegations centered on deceptive practices, conflicts of interest, and evasion of legal responsibilities.

The US Department of Justice’s national security division also investigated whether Binance or its executives violated US sanctions related to Russia’s annexation of Crimea and interference in Ukraine. This probe was separate from the ongoing inquiry by the DOJ’s criminal division into Binance’s compliance with anti-money laundering and tax laws.

Read this next

Digital Assets

Philippine bars access to Binance, citing unregistered operations

The Philippines’ Securities and Exchange Commission (SEC) is moving to block access to Binance due to regulatory concerns, citing the platform’s operation without proper registration and authorization in the country.

Digital Assets

FTX cleared to sell investments in Grayscale and Bitwise funds

Bankrupt cryptocurrency exchange FTX has received approval from the bankruptcy court to start selling its stakes in digital trusts managed by Grayscale Investments.

Digital Assets

Nexo launches Dual Investment for yield earning and price prediction

“Dual Investment revolutionizes how users engage with BTC and ETH, offering a flexible, intuitive, yet sophisticated platform for predicting asset price movements, all while securing high yields.”


Aquis Stock Exchange goes live with cloud-based matching engine powered by AWS

“By running on AWS, the Aquis Stock Exchange is driving transformation across the capital markets industry while continuing to enhance the scalability, functionality and innovation that will benefit its members and stakeholders in an environment where security and resiliency are our highest priority.”


Options Technology certified as Microsoft Azure partner for Digital & App Innovation

“Securing our fifth Microsoft Solutions Partner status in less than 12 months is a testament to our commitment to innovation, excellence, and the highest industry standards. We are not only keeping pace with the evolving landscape of cloud technology but leading the way in shaping its future.”

Retail FX

N26 reports €213M in net loss, integrates stock and ETF

European digital bank N26 has shared its strategic roadmap for the next few years, underlining both its growth trajectory and financial targets. The announcement included key financial results for 2022 and projections for the coming years.

Digital Assets

Canadian ownership of crypto assets fell by 23%, study finds

Concerns about risks, volatility, lack of government guarantee, and potential fraud or hacking deterred others from buying crypto.

Institutional FX

Fortex adds GBE Prime to liquidity offering

“This collaboration enhances our liquidity distribution capabilities, offering our clients improved pricing, order execution, and risk management. We look forward to the positive impact this integration will have on our clients.”

Retail FX

Fullerton Markets Caps Off Stellar Year with Dual Triumph at Gazet International Awards 2023

Fullerton Markets, one of the fastest-growing brokerages in the Asia Pacific, has today announced its remarkable success at the prestigious Gazet International Awards 2023, where it secured two coveted accolades, reinforcing its position as a global leader in multi-asset brokerage and marketing a triumphant end to the year.