Following reports alleging that the United States Department of Justice (DOJ) has been negotiating a $4.3 billion agreement with Binance, the $3.9 billion Tether transaction between Binance wallets has caught attention. The recent speculation about Binance CEO Changpeng Zhao resigning and admitting guilt has sparked another debate.
Binance Tether Transactions Draw Attention
According to an anonymous source cited by Bloomberg on November 20, the Department of Justice is reportedly finalizing an agreement with cryptocurrency exchange Binance for the company to pay a $4.3 billion fine. After the payment is made, the company will be allowed to operate in compliance with US laws. The report suggests that this development may be announced by the end of November, with attention now turning to November 21, 23:00.
On November 9, Binance transferred $3.9 billion worth of USDT from its “Binance-Cold 2” wallet to its “Binance 3” wallet on the Tron ecosystem. Following the transfer, 300 million USDT was sent to another wallet, leaving approximately $3.6 billion worth of USDT in the “Binance 3” wallet. According to data released by blockchain intelligence firm ChainArgos, this transaction became the eighth-largest USDT transaction in the Tron ecosystem.
Binance Market in the US
Cryptocurrency exchange Binance and its CEO Changpeng Zhao faced notable allegations during the investigation process initiated by the US Securities and Exchange Commission. As a result, Binance had to cease operations in the US, leading to multiple investigations against Binance in developed countries.
During this process, Binance terminated its operations in the US and European Union countries, causing many users to turn to other cryptocurrency exchanges and resulting in significant decreases in trading volume and revenue on the Binance platform.
According to a recent report by the Wall Street Journal, Changpeng Zhao will admit guilt and resign as CEO once the legal process concludes. He will continue to hold the majority ownership in the exchange, but will not be able to hold any position in the company after his resignation.
