The United States (US) Justice Department is seeking more than $4 billion from Binance Holdings as part of a proposed resolution of a years-long investigation, according to a report by Bloomberg News.
The report also cites people familiar with the discussions as saying that negotiations between the Justice Department and Binance include the possibility that the cryptocurrency exchange's founder, Changpeng Zhao, would face criminal charges in the US.
Binance has been under investigation by the Justice Department since at least 2018.
In December 2020, US federal prosecutors asked Binance to provide internal records about its anti-money laundering checks, along with communications involving Zhao.
The Justice Department's investigation is one of a number of legal and regulatory challenges that Binance faces in the US.
In June, the Securities and Exchange Commission (SEC) sued Binance and Zhao, accusing them of operating an "elaborate scheme to evade US federal securities laws".
Binance denied the SEC's allegations and said it would "vigorously defend" its platform.
Binance has also been hit by an exodus of executives and a slumping market share this year.
At least a dozen executives have left the exchange in recent months, including Binance's chief strategy officer, general counsel, and chief product officer.
