Binance Tips Off 'VIP' Traders About $4B Settlement With The US Government: Report

In September, during a conference in Singapore, key traders of Binance BNB/USD were briefed about the company's impending settlement with U.S. authorities.

The message was clear at a luxurious private dinner hosted by Binance in Singapore: the world's largest crypto exchange would endure its legal challenges in the U.S., Bloomberg reported.

The exclusive event was held in 1880, a members-only club, where the 'VIP' market makers dined on upscale dishes while mingling with Binance executives.

Binance founder Changpeng Zhao did not attend the dinner but its current CEO Richard Teng was actively engaged with guests.

Discussions at the dinner delved into Binance’s legal issues, particularly the speculated $4 billion settlement with the U.S. Justice Department and other authorities.

According to the report, many VIPs believed Binance was prepared to pay the amount, which was deemed manageable for the firm.

But, Binance disputed the portrayal of this event without specifying inaccuracies.

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Zhao, facing a criminal charge, could receive a maximum of 10 years and fines of up to $500,000.

His sentencing is scheduled for February, with a plea agreement that includes a waiver of appeal rights if the sentence is under 18 months.

Post-sentencing, he could potentially return to Binance in three years.

Amidst these legal proceedings, Binance remained active and forward-looking.

Teng reassured VIPs and institutional clients of the company’s bright future and hinted at an upcoming announcement, reinforcing Binance's commitment to growth and partnership.

The legal cases are registered as USA v. Binance Holdings Limited and USA v. Zhao in the U.S. District Court, Western District of Washington, Seattle.

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