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The recent developments surrounding Binance have unfolded rapidly, with the investigation into the exchange evolving into a DPA agreement. However, before the news of this development could sink in, another significant update emerged. The US Department of Justice, Treasury Secretary, and CFTC Chairman will be making statements approximately four hours later.
The End of the Binance Case
Following years of investigation by the US Department of Justice, crucial evidence has been gathered against Binance and its CEO, CZ. According to Bloomberg’s allegations, there are several charges, including money laundering. If Binance were to face a lawsuit with these charges, it could mark the end for the exchange. Moreover, it could lead to substantial losses for investors. Therefore, the US Department of Justice is leaning towards a settlement, and this evening, the details of the agreement will be announced.
According to Bloomberg’s sources familiar with the matter, Binance will pay a $4 billion fine as part of the agreement. Reuters sources also reported that an agreement will be reached with Binance regarding all violations, and it will be announced at 23:00 (GMT+3).
CFTC Chairman Behnam will also participate in the meeting due to the lawsuit filed by the CFTC. However, the absence of SEC officials indicates that the legal battle between Binance and the SEC may continue.
In the most optimistic scenario, an agreement will be reached this evening, and Binance will accept a $4 billion fine. However, along with this, the company will agree to undergo comprehensive scrutiny and audits for 2-3 years.
The potential agreement would eliminate a significant problem, which could contribute to the rise of cryptocurrencies. We may witness rapid price fluctuations as the meeting commences.
