Executives at cryptocurrency exchange Binance have reportedly notified its top market makers about a potential $4.3 billion deal with U.S. authorities.
According to a December 1 Bloomberg crypto-penalty?sref=323RPL5z” target=”_blank” rel=”noopener nofollow”>report, Binance traders at an exclusive September dinner in Singapore were informed about a tentative deal the crypto exchange had with US officials, about two months before the details became public. Some Binance executives reportedly told certain traders at the event that the exchange could easily afford the $4.3 billion fine to stay in business.
Then Binance CEO Changpeng “CZ” Zhao was reportedly not present at the event, but Richard Teng, who succeeded Zhao after the deal, mingled with the guests. A Binance spokesperson reportedly said the description of the VIP event was inaccurate, but declined to identify what aspects were wrong, according to Bloomberg.
According to Teng's posts on X (formerly Twitter) in September, then-head of regional markets was in Singapore for the Token2049 conference, the Milken Institute Asia Summit, the Singapore Formula 1 Grand Prix and “many side events.” Cointelegraph will publish an exclusive interview with the Binance CEO at 6:00 pm UTC on December 3.
I'm happy to speak on Ethereum_sg. Busy week in Singapore with Token 2049, Milken, many side events and rounded off by the F1 night race in Singapore https://t.co/FBirPWgRLg
– Richard Teng (@_RichardTeng) September 12, 2023
Related: Binance operates without license in the Philippines, says regulator
As part of its agreement, Binance must pay $4.3 billion to various US authorities and regulators, and CZ is personally responsible for paying $150 million to the US Commodity Futures Trading Commission. Zhao was still out on bail in the United States at the time of publication, while a court considered his request to return to the United Arab Emirates before handing down sentencing in February.
Although the deal largely resolves many of Binance's legal issues in the US, the Binance.US exchange and Zhao still face a lawsuit filed by the US Securities and Exchange Commission in June. A group of investors has also filed a lawsuit against soccer star Cristiano Ronaldo for his role in promoting Binance non-fungible tokens (NFTs), supposedly unregistered securities.
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