Singapore-based cryptocurrency exchange Binance allegedly tipped off select high-value traders about an impending settlement with the U.S. Department of Justice (DOJ) during a VIP event in September. According to Bloomberg, company representatives suggested that Binance would likely pay around $4 billion to settle its legal troubles and survive. Binance has disputed these claims but declined to provide further clarification. In November, Binance CEO Changpeng Zhao pleaded guilty to charges related to money laundering in a U.S. federal court and stepped down as CEO. The company was fined $4.3 billion by the DOJ for committing numerous financial crimes, including failing to register as a money transmitter and violating sanctions requirements and anti-money laundering rules. The settlement with the DOJ is just one part of Binance’s ongoing legal saga, as the Securities and Exchange Commission (SEC) has also filed separate charges against the company and its U.S. affiliate. The SEC alleges that Binance operated unregistered exchanges, broker-dealers, and clearing agencies while selling unregistered securities. Richard Teng has succeeded Zhao as CEO and expressed plans to deepen relationships with VIP clients as Binance moves forward. However, with some lawsuits still pending, challenges remain for the exchange.

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Information	Details
Geography	Asia
Countries	🇸🇬
Sentiment	neutral
Relevance Score	1
People	Richard Teng, Changpeng Zhao
Companies	Department of Justice (DOJ), Binance, BAM Trading, Securities and Exchange Commission (SEC)
Currencies	BUSD, BNB, US Dollar
Securities	None