Media: Changpeng Zhao to step down as Binance to pay $4.3 billion in penalties

The U.S. Department of Justice plans to announce separate but related enforcement actions in connection with the Binance case.

There it is. The big announcement is the Binance settlement of ~$4 Billion. Courtesy of @allyversprille & team: https://t.co/UcSNu2zlqZ pic.twitter.com/YR3wcPIQPw

— James Seyffart (@JSeyff) November 21, 2023

According to Bloomberg, the press conference is scheduled for 3 p.m. ET (22:00 Kyiv time, 23:00 Moscow time).

Forbes, citing its own sources сообщает, that Binance chief Changpeng Zhao (CZ) may step down as chief executive of the exchange.

In the wake of the news, Bitcoin and the BNB token rebounded, returning to pre-event price levels.

On June 5, SEC filed suit against Binance and Zhao, charging 13 counts, including the sale of unregistered securities. On June 6, the regulator moved for an asset freeze of the exchange’s U.S. unit.

On June 9, users lost the ability to deposit dollars, prompting selling by those seeking to withdraw funds in cash. In this context, on the platform a discount formed in BTC/USD quotes—the gauge reached about $2,200 (7.3%).

On June 17, the SEC and Binance reached an agreement regarding customer funds in the United States. The exchange resumed withdrawals, but warned that the situation could change.

Earlier reports indicated that the U.S. Department of Justice sought $4 billion from Binance as part of a deal that would end the ongoing criminal investigation.

According to Bloomberg sources, talks between the parties contemplate the possibility that Changpeng Zhao could face charges of money laundering, financial fraud, and sanctions violations.