A major announcement regarding Binance, the world’s largest cryptocurrency exchange, is expected to be made today by U.S. Attorney General Merrick Garland, according to a Bloomberg report.
The announcement is likely to reveal the details of a settlement agreement between the Department of Justice (DOJ) and Binance after a long investigation into the exchange’s activities. Sources familiar with the matter have said that the settlement could cost Binance more than $4 billion, which is a record-breaking amount for a financial settlement in the U.S.
The settlement may also have other consequences for Binance and its CEO, Changpeng Zhao, who could face criminal charges for alleged violations of money laundering, bank fraud, and sanctions laws.
The announcement comes after a difficult year for Binance, which has faced challenges such as executive departures, staff cuts, and a loss of market share. However, some in the crypto industry see the potential settlement as a positive development.
For example, Mike Novogratz, a prominent cryptocurrency investor, has expressed hope that the settlement could bring more stability to the sector.
The market has reacted favorably to the news of the upcoming announcement, with Binance’s token, BNB, rising in value.
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