Crypto exchange Binance will settle a long-running investigation with the U.S. Department of Justice in a deal to be announced later Tuesday, multiple reports said.
The DOJ announced it would hold a press conference on Tuesday to announce “significant cryptocurrency enforcement actions,” with Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco and CFTC Chairman Rostin Behnam.
Bloomberg, which first reported what Tuesday’s press conference would detail, reported on Monday that Binance could settle the DOJ’s charges with a $4 billion fine and a deferred prosecution agreement.
It’s unclear whether Binance founder Changpeng “CZ” Zhao will face additional or separate charges alongside the settlement. A DOJ spokesperson declined to comment.
Binance has been the subject of a long-running investigation by the DOJ over allegations it allowed people from sanctioned countries to operate on its exchange, alongside other issues. It was sued by the CFTC earlier this year.
The price of bitcoin (BTC) and Binance’s native token BNB rose after the report of the settlement.