A number of Binance’s top traders were given exclusive details regarding the crypto exchange’s yet-to-be-announced settlement deal with the U.S. Department of Justice in September, according to a new report.
According to the report published by Bloomberg, a number of Binance’s VIP trades met at a members-only club in Singapore called 1880 for an exclusive dinner. Richard Teng, then head of regional markets for Binance and its current CEO, was among the dinner guests. However, former CEO, Changpeng “CZ” Zhao, was nowhere in sight.
As the conversation unfolded through the night, guests began discussing the future of the crypto exchange, in particular, whether or not the company would be charged and pay off an estimated $4 billion potential penalty from the Department of Justice.
“After conversations with company representatives present at the dinner, some VIP guests were left convinced that the firm would pay that sum — an amount Binance could easily afford,” the report reads.
While the company stated the depictions of the night were “inaccurate,” Teng’s own X account appears to confirm his own presence in Singapore at that time for the Token 2049 Conference, with a tweet from the CEO stating he was “glad to be speaking” at the event.
The revelation suggesting Binance’s top traders had an understanding of the crypto exchange’s forthcoming deal with the Department of Justice is the latest news regarding Binance’s legal saga.
Last month, Zhao pleaded guilty to violating the Bank Secrecy Act, failing to register Binance as a money-transmitting business, and violating the International Emergency Economic Powers Act.
A Dubai resident, Zhao has been ordered to stay in the U.S. until his sentencing on February 24th, 2024. While it’sRead more on cryptonews.com