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U.S. Justice Department to announce Binance settlement later today

The Department of Justice (DoJ) is scheduled to publicly disclose a resolution with crypto’s largest exchange Binance following news of a multi-billion settlement and major enforcement actions from regulators.

U.S. Attorney General Merrick Garland will reportedly announce a settlement with Binance for $4.3 billion as a lengthy investigation into suspected fraud, money laundering and terror finance comes to a climax, per Bloomberg.

The news comes ahead of a press conference where “separate but related” enforcement actions against crypto would be announced. Rostin Behnam, chair of the Commodity Futures Trading Commission (CFTC), Deputy Attorney General Lisa Monaco and Treasury Secretary Janet Yellen were listed as speakers for this event. 

Previously reported by, the DoJ eyed a multi-billion settlement with Binance and possible charges against its CEO, Changpeng Zhao. The update was followed by an upturn in crypto market prices. 

On Nov. 13, Binance moved $3.9 billion in Tether stablecoin USDT from its cold wallets to hot wallets, fueling speculations that the company transferred funds pending a major settlement with the DoJ. Hot wallets are typically employed for instant or frequent transactions. 

Binance has been the subject of multiple probes by several American watchdogs including the CFTC, the DoJ and the Securities and Exchange Commission (SEC), all alleging similar charges ranging from bank fraud to money laundering operations connected to Zhao.

Binance denied wrongdoing and went so far as to move for charges filed by the SEC to be dismissed, although the securities regulator called the motion absurd and fielded the opposing argument.

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