Binance and billionaire Changpeng Zhao are expected to plead guilty to money laundering violations as part of a settlement that would ease the intense cloud of legal scrutiny hovering over the world’s largest cryptocurrency exchange, a person familiar with the matter tells CNN.
As part of the agreement, Binance has agreed to pay $4.3 billion in fines and other penalties, a second source tells CNN.
Zhao, the founder and CEO of Binance, has amassed a fortune that Bloomberg pegs at more than $23 billion.
News of the deal, reported earlier by The Wall Street Journal, comes as US officials say they plan to announce a “major illicit financial enforcement action” related to cryptocurrencies later on Tuesday at an event that will include Attorney General Merrick Garland and Treasury Secretary Janet Yellen.
Treasury declined to comment. Binance did not respond to requests for comment.
This is a developing story. It will be updated.
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