December 2, 2023

WSJ: The US Department of Justice is investigating the Binance case and is preparing huge fines

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WSJ: The US Department of Justice is investigating the Binance case and is preparing huge fines

US authorities have been investigating for a yearcase of the world's largest cryptocurrency exchange Binance and could bring criminal charges and fines of billions of dollars against the company. This was reported by sources of The Wall-Street Journal.

An investigation is underway against Binance andpersonally by the CEO of the cryptocurrency exchange, Changpeng Zhao. WSJ journalists gained access to a note from Binance co-founder and chief marketing officer Yi He, in which she promises employees to help overcome the company's problems.

“Every battle is a do-or-do situation.die,” and the only thing that can defeat us is ourselves. We have won countless times, and we need to win this time too,” wrote the co-founder of the trading platform.

Binance faced a lawsuit from the Commission over the summer.Securities and Exchange Commission (SEC) alleges that the company and Zhao operated illegally in the United States and misused customer funds. The exchange has acknowledged mistakes but says customers' money is safe and it is committed to complying with the law.

According to analytics platform Kaiko, Binance's share of the crypto market has fallen from an overwhelming 70% at the beginning of the year to 50%.

Zhao recently asked the court to dismiss the US regulator's claims against Binance. 

Binance has decided to completely withdraw from the Russian Federation.The company is selling its Russian business to CommEX. Over the next few months, the company promises to close its exchange services and other business areas. The entire care process will take up to one year, the site team believes. Binance together with CommEX will tell users about the procedure for transferring their assets to the CommEX platform.