WEB3

Ad Placeholder

Sponsored Ad

Binance VIP Traders Informed of $4B Settlement Back in September

chain

The exclusive gathering took place at a luxurious Singapore night club in September, where attendees engaged with Binance executives and probed about the potential settlement.

BSCN

December 1, 2023

Binance reportedly hosted an exclusive dinner for its most significant market makers in September. The gathering, held at a prestigious Singapore nightclub, was an intimate setting where select VIP traders gained insights into the impending $4 billion settlement with the U.S. Department of Justice, according to a recent report from Bloomberg

The private dinner, organized for Binance's top traders, unfolded in the upscale 1880 members-only club. Attendees, consisting of market makers and traders, engaged in discussions with Binance executives about the company's legal challenges. The conversations revolved around the potential $4 billion fine, leaving attendees convinced that Binance could afford and would settle such a substantial amount.

Attendees' Perspectives

Reports suggest that attendees, after breaking into smaller groups, sought clarification on Binance's legal troubles. They left the dinner with a heightened expectation of the $4 billion settlement, emphasizing the significant financial impact it would have on the exchange. 

Your custom content here

Former CEO Changpeng Zhao was notably absent from the gathering, with the then-head of regional markets, Richard Teng, representing the company.

In response to the reports, a Binance spokesperson disputed certain aspects of the event's depiction while refraining from specifying the inaccuracies, as per The Block. This discrepancy in accounts raises questions about the transparency surrounding Binance's legal challenges and its communication with stakeholders.

Implications of the Settlement

Binance’s $4 billion settlement with U.S. authorities, including the Department of Justice, Department of the Treasury, and the Commodity Futures Trading Commission, marked one of the largest corporate settlements in U.S. history. 

The resolution concluded a criminal investigation into allegations of money laundering and sanctions violations, settling many of Binance's legal troubles in the U.S. However, Binance.US and Changpeng Zhao still face a lawsuit filed by the U.S. Securities and Exchange Commission.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].

Project & Token Reviews

Learn about the hottest projects & tokens

Join our newsletter

Sign up for the very best tutorials and the latest Web3 news.

Subscribe Here!
BSCN

BSCN

BSCN RSS Feed

BSCN (fka BSC News) is your go-to destination for all things crypto and blockchain. Discover the latest cryptocurrency news, market analysis and research, covering Bitcoin, Ethereum, altcoins, memecoins, and everything in between.