The U.S. Department of Justice is seeking more than $4 billion from Binance Holdings Ltd. as part of a proposed settlement of its years-long investigation, people familiar with the matter said.
According to people familiar with the matter, the news may be released as soon as the end of this month, but it is still uncertain. The exact timing and structure of the proposed resolution, as well as the exact cost, are unclear.
However, Binance may have to pay more than $4 billion, which would be one of the largest fines ever imposed in a cryptocurrency criminal case.
Three people familiar with the matter said the agreement was intended to strike a balance that would allow Binance to continue operating rather than risk a collapse that would negatively impact the market and cryptocurrency holders.
Another person said Binance has been seeking to minimize its risks in any settlement, including pushing for a deferred prosecution agreement.