TL;DR
-
The US Department of Justice wants to charge Binance with fraud, but they’re worried a criminal charge will lead to a bank run, hurting consumers as a result.
-
Because of this, the DOJ is rumored to be exploring other options, like fines or non-prosecution agreements.
Full Story
Picture this:
You’re a kid again. You’re 10 hours into a family road trip, and your dad’s patience is at an absolute breaking point.
Your older brother grabs the Gameboy off you, punches you in the arm and gives you that ‘what’re you going to do about it?’ look.
You glance up and see that one vein in your dad’s forehead staring back at you in the rear-vision mirror.
His most recent threat echoes in your mind: “I swear to god, I will turn this car around, cancel this holiday and enroll you all in summer school.”
You decide to keep your mouth shout (for the greater good).
Right now, the folks at the US Department of Justice (DOJ) are in a similar situation.
They want to charge Binance with fraud, but they’re worried a criminal charge will lead to a bank run (essentially pushing Binance down the same path as FTX) – hurting consumers as a result.
Because of this, the DOJ is rumored to be exploring other options, like fines or non-prosecution agreements.
It’s all in limbo for now – but for those of you that have funds on Binance, it might be worth moving your crypto onto a self custody wallet.
(Better safe than sorry).
