News of a possible settlement between Binance and the US Department of Justice. Meanwhile, BNB is flying.
The news was published by Bloomberg, which is not doing well record regarding news from the crypto world and will therefore need to be confirmed, especially in detail. There is talk of trying to reconcile between them Binance and US Department of Justicewithin the charges that would include money laundering, bank fraud and other quite serious charges, which would also include the CEO of the group Changpeng Zhao.
This is not really unexpected news: for months there has been talk of negotiations between the Department of Justice and Binance for violating several laws that regulate the financial markets in the US, the banking markets and also those on the transmission of money. Markets reacted positively to the news, which may seem strange, but actually makes sense, in our opinion.
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Binance and DOJ: A Possible $4 Billion Deal?
No confirmation from Binance, as well as a confirmation from the Ministry of Justice. However, the news, at least in outline, is likely, although the details will only be checked later.
The bottom line is this: The Department of Justice would ask Binance over 4 billion dollars in order to close forever the cases that could affect, on a criminal level, theexchange. It is a very important sum that Binance could still decide on deal to close the issue which is the most dangerous for the survival of the business, but also for the freedom of its president of the CZ board.
What are the charges? They never were formulated official way, given that negotiations are allegedly underway that have been going on for some time (conditional must). According to Bloomberg, they are talking about bank fraud, money laundering and other rather serious charges.
Why is this good news?
Why Binance Coin did it react positively, withdrawing part of the sector? Because that’s actually great news.
As several American commentators have already correctly written, the deal with fine this would leave the possibility for Binance to leave behind any problems with the US judicial system (but not those with the SEC and CFTC, for now) and start again as a more institutional exchange.
If it is true that the material collected by the Department of Justice is important, it would be the best way out of the exchange affair.
Yes, there are a lot of them, even for a rich exchange like Binance. The thing is, about which there are no more details for now, that it is an amount that will definitely have to be negotiated.
Bloomberg also writes that other negotiations are underway regarding charges against CZ, who however lives in Dubai and is therefore not at risk of extradition to the US. However, this will have to close at some point if Binance wants to stay on top. With ongoing problems with the US justice system, it is hard to imagine that we could manage a job of this magnitude.
To be confirmed?
Bloomberg is no stranger to news that is then thoroughly corrected when it comes to Binance and the crypto world in general. We’ll be following this story in real time and providing updates as they become available.