US Government Accuses Binance As A Money Laundering Site, Crypto Exchange Is Threatened With Fine Of IDR 61.9 Trillion

Binance crypto exchange is accused of facilitating money laundering. (Photo; Doc. Coinfomania)

Jakarta - Binance, the largest crypto currency exchange platform in the world, is dealing with major legal issues in the United States (US). Binance is suspected of committing various violations, such as money laundering, bank fraud, and avoidance of sanctions. Now, Binance must pay a fine of $ 4 billion (around IDR 61.9 trillion) to end the criminal case.

According to Bloomberg's report on Monday, November 20, 2023, the US Department of Justice (DOJ) has conducted an investigation for several years of Binance and its founder, Changpeng Zhao (CZ). DOJ demands Binance to pay more than $ 4 billion as part of the proposed completion. In addition, CZ is also at risk of being charged under criminal demands in the US.

The report quoted an anonymous source who knew the development of this case. The source said that Binance and DOJ were in the negotiation stage, and official announcements were likely to be out at the end of this month. Binance itself is reportedly trying to reduce the impact of this settlement, including by proposing a deferred prosecution agreement.

The deferred prosecution agreement is an agreement in which DOJ will sue Binance in a criminal manner, but will not sue him as long as Binance meets certain requirements. Typically, these conditions include payment of large fines and recognition of errors in detail. DOJ will also conduct monitoring to ensure binance comply with the agreement.

Sources who know this case say that the purpose of this resolution is to find solutions that can allow binance to continue to operate without disturbing the crypto market and the owner of the crypto currency. Binance is one of the main players in the crypto industry, with a daily trading volume of $ 25 billion (around IDR 386.8 trillion).

Binance is not the only US institution targeting binance. Previously, the Securities and Exchange Commission (SEC) and the Commodity Futures Commission (CFTC) had also sued Binance and CZ for various accusations. Binance tried to reject the lawsuit. In addition, several US parliament members have also asked DOJ to take action against binance, on the grounds that the platform is used to support illegal activities, such as terrorism funding.