"Will Binance go along with the DOJ or remain stubborn to do otherwise?"
The Department of Justice (DOJ) of the United States (US) has promptly asked Binance to pay $4 billion as a settlement to its lengthy investigation into the cryptocurrency exchange.
Changpeng Zhao (CZ), Binance's most well-known Chief Executive Officer (CEO) has been charged with several offences, including money laundering, bank fraud and sanctions violations.
That streak, the announcement of a settlement agreement could arrive as early as the end of November 2023, so Binance will be one of the exchanges that get the biggest penalty of all time for crypto-related cases if they accept it.
However, the agreement will strike a balance between sufficiently punishing Binance while allowing it to continue operating and not causing the crypto markets to suffer due to the problems that have befallen them.
According to Matt Walsh, founding partner at Castle Island Ventures, the joint settlement of existing monitoring provisions will not only protect investors but also allow Binance to evolve into a more institutional and compliant exchange.
It's good to know that the entire crypto market could see a massive increase when payments are settled, Walsh further commented.
Earlier in July 2023, a number of Binance executives had left the exchange in response to CZ's handling of the DOJ investigation, but CZ said that they left the firm for good and all for personal reasons.
