Current:Home > MarketsWorld’s largest cryptocurrency exchange to pay over $4 billion in agreement with US, AP source says-LoTradeCoin
World’s largest cryptocurrency exchange to pay over $4 billion in agreement with US, AP source says
View Date:2024-12-24 00:47:32
WASHINGTON (AP) — The world’s largest cryptocurrency exchange has agreed to pay more than $4 billion as part of an agreement with the U.S. government, a person familiar with the agreement told The Associated Press on Tuesday.
The development in the case against Binance was confirmed on the condition of anonymity ahead of an expected announcement. The value was first reported by Bloomberg.
It comes months after the company was accused of operating as an unregistered securities exchange and violating a slew of U.S. securities laws in a lawsuit from regulators.
Binance is a Cayman Islands limited liability company founded by CEO Changpeng Zhao. The charges were similar to practices uncovered after the collapse of the second largest cryptocurrency exchange, FTX, last year.
Zhao has also faced allegations of diverting customer funds, concealing 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 time the U.S. Securities and Exchange Commission filed suit against the company, Binance said that it had been cooperating with the investigation but said that the agency “chose to act unilaterally and litigate.”
The cryptocurrency industry has been marred by scandals and market meltdowns. Sam Bankman-Fried, the 31-year-old founder of the failed cryptocurrency brokerage, was convicted earlier this month of fraud for stealing at least $10 billion from customers and investors.
___
Associated Press writer Fatima Hussein contributed to this story.
veryGood! (642)
Related
- Sting Says Sean Diddy Combs Allegations Don't Taint His Song
- Gunman in Trump rally attack flew drone over rally site in advance of event, official says
- At least 11 dead, dozens missing after a highway bridge in China collapses after heavy storms
- Obama says Democrats in uncharted waters after Biden withdraws
- Climate Advocacy Groups Say They’re Ready for Trump 2.0
- Mega Millions winning numbers for July 19 drawing: Jackpot now worth $279 million
- Heat-related Texas deaths climb after Beryl knocked out power to millions
- Travis Kelce’s Training Camp Look Is a Nod to Early Days of Taylor Swift Romance
- Ben Affleck and His Son Samuel, 12, Enjoy a Rare Night Out Together
- Ice cream trucks are music to our ears. But are they melting away?
Ranking
- Jennifer Garner Details Navigating Grief 7 Months After Death of Her Dad William Garner
- 'A brave act': Americans react to President Biden's historic decision
- Homeland Security secretary names independent panel to review Trump assassination attempt
- Biden's exit could prompt unwind of Trump-trade bets, while some eye divided government
- Channing Tatum Drops Shirtless Selfie After Zoë Kravitz Breakup
- Nashville-area GOP House race and Senate primaries top Tennessee’s primary ballot
- MLB power rankings: Angels' 12-month disaster shows no signs of stopping
- 'This can't be real': He left his daughter alone in a hot car for hours. She died.
Recommendation
-
DWTS’ Sasha Farber and Jenn Tran Prove They're Closer Than Ever Amid Romance Rumors
-
Lightning strikes in Greece start fires, kill cattle amid dangerous heat wave
-
Jennifer Lopez Celebrates 55th Birthday at Bridgerton-Themed Party
-
Pressure mounts on Secret Service; agency had denied requests for extra Trump security
-
It's cozy gaming season! Video game updates you may have missed, including Stardew Valley
-
Airlines, government and businesses rush to get back on track after global tech disruption
-
Heat-related Texas deaths climb after Beryl knocked out power to millions
-
Mega Millions winning numbers for July 19 drawing: Jackpot now worth $279 million