The US government reached an agreement valued at more than US$4 billion with Binanceexchange platform cryptocurrencies largest in the world, said a person familiar with the agreement.
The deal with Binance was confirmed on condition of anonymity prior to an announcement. The value of the deal was first reported by Bloomberg.
It comes months after the company was accused of operating as an unregistered stock exchange and violating several U.S. market laws in a lawsuit by regulators.
Binance is a limited liability company of the Cayman Islands Founded by Changpeng Zhao. The allegations were similar to practices uncovered after the bankruptcy of the second-largest cryptocurrency exchange, FTX, last year.
Zhao has also faced accusations of diverting client funds, hiding the fact that the company was commingling billions of dollars in investor assets and sending them to a third party that Zhao also owned.
At the moment when the United States Securities and Exchange Commission (SEC) filed the lawsuit against the company, Binance said it had been cooperating with the investigation, but stated that the agency “chose to act unilaterally and litigate.”
The cryptocurrency sector has been marred by scandals and market crashes. Sam Bankman-Fried, the 31-year-old founder of FTXwas convicted earlier this month of fraud for stealing at least $10 billion from clients and investors.
Source: Gestion
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