People familiar with the matter: The U.S. Department of Justice has been investigating Binance for a year, and Binance and CZ may be subject to criminal charges and billions of dollars in fines

Odaily Planet Daily News According to the Wall Street Journal, citing people familiar with the matter, the U.S. Department of Justice has conducted a year-long investigation that may result in criminal charges and billions of dollars in fines for Binance and CZ. Binance is also facing a lawsuit from the U.S. Securities and Exchange Commission, accusing Binance and CZ of operating illegally in the United States and misusing customer funds. The company admitted past mistakes but said customer funds were safe and it was committed to compliance. A Binance spokesperson said: “We work tirelessly not only to learn from the lessons of the past but also to continue investing in the teams and systems that ensure user protection.” Binance.US activity in the United States has largely disappeared. Its CEO, head of legal affairs and head of risk all recently departed. According to people familiar with the matter, Binance and the Department of Justice have been discussing for several months, and Binance has been discussing internally whether CZ should resign from his position. CZ has been privately hiring new lawyers to handle the Justice Department case, and has been staying at home in the United Arab Emirates, which does not have a reciprocal extradition treaty with the United States, according to people familiar with the matter. (WSJ)