Binance, the world's largest cryptocurrency exchange, will pay more than $4 billion in a plea agreement with the U.S. government, FOX Business has confirmed.
Binance faces multiple criminal charges including conducting an unlicensed money transmitting business, a conspiracy charge and violating the international emergency economic powers act, court records show.
Prosecutors said CEO Changpeng Zhao will plead guilty to violating and causing a financial institution to violate the Bank Secrecy Act and has agreed to pay a $50 million fine, which will be credited against sums paid to the Commodity Futures Trading Commission.
This is a developing story and will be updated. Fox Business' Susan Li contributed to this report.
