"Their hard work has directly resulted in a crypto ecosystem that has far less criminal activity on average than the traditional cash system," the statement continued. "We are proud to have in our ranks some of the most celebrated cyber investigators representing virtually every single major law enforcement agency across the globe," the statement read. The discussions included potential plea deals, according to three of the sources.Ī Binance spokesperson initially told Reuters, "We don't have any insight into the inner workings of the US Justice Department, nor would it be appropriate for us to comment if we did." The Justice Department declined to comment.Īfter publication, Binance released a statement on Twitter, saying "Reuters has it wrong again." Among Binance's arguments: A criminal prosecution would wreak havoc on a crypto market already in a prolonged downturn. law firm Gibson Dunn have held meetings in recent months with Justice Department officials, the four people said. Its hold has been strengthened by the recent collapse of rival exchange FTX.īinance's defense attorneys at U.S. If the investigation goes against Binance and Zhao, it could loosen Binance's grip on the industry. The stakes are high for the deeply troubled crypto sector. Prosecutors' deliberations on charging Binance have not been previously reported. law enforcement officials and ex-Binance advisors, along with a review of company records, Reuters has pieced together the most comprehensive account so far of how the investigation developed and how Binance has sought to keep it at bay. Through interviews with almost a dozen people familiar with the case, including current and former U.S. Leaders from the other two offices, along with higher-level DOJ officials, would likely also have to sign off on any action against Binance, three of the sources said.
Justice Department regulations say that money laundering charges against a financial institution must be approved by the MLARS chief. Attorney's Office for the Western District of Washington in Seattle and the National Cryptocurrency Enforcement Team. The inquiry involves prosecutors at three Justice Department offices: the Money Laundering and Asset Recovery Section, known as MLARS, the U.S. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Binance didn’t respond to a request for comment.Best Debt Consolidation Loans for Bad Credit The debate highlights the complicated and rapidly evolving nature of crypto enforcement and regulation in the U.S., where firms operate in a legal gray area and consumers enjoy none of the protections of the traditional banking system. That outcome would be a compromise, holding Binance responsible for alleged criminal behavior while reducing consumer harm. Prosecutors are considering other options, such as fines and deferred or non-prosecution agreements, according to the people. Department of Justice officials are considering fraud charges against crypto exchange Binance, but are concerned about the cost to consumers, according to people familiar with the matter.įederal prosecutors worry that if they indict Binance, it could cause a run on the exchange similar to the one that befell now bankrupt platform FTX, causing consumers to lose their money and potentially spurring a panic in the crypto markets, the people said.
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