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Binance in the Spotlight as US Department of Justice Announces Crypto Enforcement Action

1 min
Updated by Geraint Price
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In Brief

  • US DoJ plans to announce significant cryptocurrency enforcement actions; Binance's settlement may be included.
  • Binance CEO, Changpeng Zhao, may have to step down as a condition of the settlement with the DoJ and CFTC.
  • The US DoJ is reportedly seeking $4 billion from Binance to settle potential anti-money laundering violations.
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Reports are circulating that US DoJ will announce significant cryptocurrency enforcement actions today. Is a Binance settlement on the table?

Binance, the world’s largest crypto exchange, has been dealing with enforcement actions from various US authorities.

Settlement Requires Binance Founder Changpeng Zhao to Step Down: Report

According to the crypto news aggregator, tier10k, the DoJ is set to announce significant cryptocurrency enforcement actions through a press conference at 3PM ET (20:00UTC) today.

The lineup will feature the following officials:

  • Attorney General Merrick Garland
  • Secretary of the Treasury Janet Yellen
  • Deputy Attorney General Lisa Monaco
  • CFTC Chairman Rostin Behnam

Forbes further reported that one of the conditions of the settlement is that Binance CEO Changpeng Zhao would have to step down. Moreover, only the DoJ and the Commodity Futures Trading Commission (CFTC) will participate in the settlement.

Read more: 7 Best Binance Alternatives in 2023

The US Securities and Exchange Commission (SEC) has yet to settle its case with Binance yet.

On Monday, it was reported that the US DoJ is seeking $4 billion from Binance to settle a long-standing probe potential anti-money laundering violations.

Binance: Is This the End. Source: YouTube

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Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...
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