How much would it cost a cryptocurrency company to settle its criminal violations with the Department of Justice in the United States? Try around $4 billion, as that is just how much Binance Holding Ltd may need to pay to settle its standing cases in the US.
The company remains under investigation by relevant government agencies due to its violation of a number of economic sanction laws, as well as counts of bank fraud and money laundering.
Nevertheless, Binance executives have been discussing the matter with the Justice Department and it is expected that both parties will soon come to an agreement.
Should both parties agree to such a massive amount, the $4 billion Binance will be made to pay stands to become the largest legal settlement in the history of the cryptocurrency sector. However, this remains dependent on any conditions or requirements that could be imposed on top of the settlement.
What About CZ?
Despite the possibility of a hefty settlement, however, company founder Changpeng Zhao, known as CZ, still isn’t off the hook and faces several criminal charges in the country.
Should relevant authorities in the United States choose to file charges against CZ, they would need to nab him in a country that has a standing extradition treaty with the US, as he is a resident of the United Arab Emirates.
Alternatively, CZ may immediately be arrested in the event that he makes his way to the US or an external US territory.
While several enforcement activities have taken place earlier this year, accusations against CZ and Binance continue to fly even as investigations continue.
Both CZ and his company have been under fire with a number of government agencies in the US, including the Securities and Exchange Commission, as well as the Commodity Futures Trading Commission.