Binance chief will admit violating US laws as part of $4 billion deal to resolve probe

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FILE PHOTO: Illustration shows Binance logo and representation of cryptocurrencies

NEW YORK (Reuters) – Binance Holdings chief Changpeng Zhao will admit violating U.S. laws as part of a deal to resolve a U.S. probe into illicit finance breaches, according to a source familiar with matter.

The deal between a number of U.S. agencies and the world’s largest crypto exchange will also involve charges against Binance’s former compliance chief Samuel Lim, the source said.

The deal will include penalties on the firm of over $4 billion, including $3.4 billion from U.S. Treasury’s Financial Crimes Enforcement Network and another $968 million from the Office of Foreign Assets Control, another source familiar with the matter said.

(Reporting by Chris Prentice; Editing by Lisa Shumaker)

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