Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n
\u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14430,"post_author":"21","post_date":"2023-11-22 03:05:38","post_date_gmt":"2023-11-21 16:05:38","post_content":"\n Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14430,"post_author":"21","post_date":"2023-11-22 03:05:38","post_date_gmt":"2023-11-21 16:05:38","post_content":"\n Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14430,"post_author":"21","post_date":"2023-11-22 03:05:38","post_date_gmt":"2023-11-21 16:05:38","post_content":"\n Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14430,"post_author":"21","post_date":"2023-11-22 03:05:38","post_date_gmt":"2023-11-21 16:05:38","post_content":"\n Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14430,"post_author":"21","post_date":"2023-11-22 03:05:38","post_date_gmt":"2023-11-21 16:05:38","post_content":"\n Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14430,"post_author":"21","post_date":"2023-11-22 03:05:38","post_date_gmt":"2023-11-21 16:05:38","post_content":"\n Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14430,"post_author":"21","post_date":"2023-11-22 03:05:38","post_date_gmt":"2023-11-21 16:05:38","post_content":"\n Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14430,"post_author":"21","post_date":"2023-11-22 03:05:38","post_date_gmt":"2023-11-21 16:05:38","post_content":"\n Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\n \u201cIt was an overhang in the industry. And while $4 billion is not an insignificant number, it\u2019s probably a small price for Binance to pay to move forward from this.\u201d<\/em><\/p>\n\n\n\n Immediately after the news, BNB surged, signaling optimism around the potential clearance of Binance's allegations. However, it is still unclear what other conditions may accompany the penalty for the embattled crypto exchange.<\/p>\n","post_title":"Binance Could Pay A Record $4B To Settle Case With The U.S. Justice Department","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-could-pay-a-record-4b-to-settle-case-with-the-u-s-justice-department","to_ping":"","pinged":"","post_modified":"2023-11-22 03:10:01","post_modified_gmt":"2023-11-21 16:10:01","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14430","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The recent guilty plea of Binance and its CEO for money laundering charges has raised questions about the company's massive movement of stablecoins before the settlement.<\/p>\n\n\n\n A $3.9 billion transaction <\/a>in Tether (USDT) on November 9 closely matches Binance's $4.3 billion penalty in the settlement. Most of these funds shifted from one Binance cold wallet (Binance-Cold 2<\/a>) to another (Binance 3)<\/a>. Currently, Binance-Cold 2 holds $6.6 billion, with $4 billion in USDT and the remainder in various stablecoins like Decentralized USD (USDD), USDC, and TrueUSD (TUSD).<\/p>\n\n\n\n Meanwhile, the destination wallet now contains $3.2 billion, primarily in Tether's USDT stablecoin. Binance's cold wallets are known to hold a significant portion of the company's funds.<\/p>\n\n\n\n See Related:<\/em><\/strong> FTX Co-Founder Pleads Guilty To Fraud Charges<\/a><\/p>\n\n\n\n It remains uncertain if these funds will be used to cover the U.S. government's fine or converted into U.S. dollars or another fiat currency. Binance has not responded. Tether, with 88.3 billion USDT tokens in circulation, is the largest stablecoin in the industry, accounting for 6% of the global crypto market capitalization.<\/p>\n\n\n\n Its closest competitor, USDC, has a $24 billion market cap. However, Tether has faced regulatory scrutiny for years. Binance CEO's guilty plea for money laundering has raised concerns about the stablecoins.<\/p>\n\n\n\n The USDT transfer occurred just before Binance<\/a> and CEO Changpeng Zhao agreed to pay $1.8 billion in criminal fines, with an additional $2.5 billion in forfeitures, including $1.6 billion for settlements with regulatory bodies like the CFTC, FinCEN, and OFAC.<\/p>\n\n\n\n Zhao stepped down as CEO as part of the settlement, concluding lengthy investigations into Binance's regulatory compliance and anti-money laundering controls by U.S. authorities.<\/p>\n","post_title":"Binance's $3.9 Billion USDT Transfer Sparks Speculation Amidst CEO's Guilty Plea","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-3-9-billion-usdt-transfer-sparks-speculation-amidst-ceos-guilty-plea","to_ping":"","pinged":"","post_modified":"2023-11-25 19:59:03","post_modified_gmt":"2023-11-25 08:59:03","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14477","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14430,"post_author":"21","post_date":"2023-11-22 03:05:38","post_date_gmt":"2023-11-21 16:05:38","post_content":"\n Binance is reportedly<\/a> discussing with the U.S. Justice Department about settling its long-standing case with the regulators. The Justice Department could demand more than $4 billion for the case settlement. The talks are expected to end in the coming weeks.\u00a0<\/p>\n\n\n\n Binance, the world's largest exchange, has been under the U.S. radar over alleged market violations. Some of the accusations against the entity include money laundering, violations of the U.S. sanction law, and bank fraud. <\/p>\n\n\n\n In June, the SEC charged Binance with violating U.S. security laws and misappropriation of customer funds. In March, the Commodity Futures Trading Commission accused<\/a> the exchange of violating market trading rules. Despite the potential settlement, CEO Changpeng \"CZ\" Zhao could face criminal charges.<\/p>\n\n\n\n See Related:<\/em><\/strong> Russia Is Considering Digital Ruble Settlements With China<\/a><\/p>\n\n\n\n If Binance agrees to the U.S. fine of more than $4 billion, it would constitute the most significant crypto settlement ever. <\/p>\n\n\n\n Meanwhile, the development could be positive for Binance token<\/a> (BNB) and the crypto sector. A satisfactory settlement clears the uncertainty over the future of Binance, which has been jeopardized in the recent past.\u00a0\u00a0<\/p>\n\n\n\n Anil Lulla, co-founder of crypto research Delphi Digital, commented on the potential settlement,<\/p>\n\n\n\nLargest Settlement In Crypto History<\/h2>\n\n\n\n
Largest Settlement In Crypto History<\/h2>\n\n\n\n
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