Coinbase: Binance Expected to Pay $4.3 Billion Fine Without Selling Crypto

Coinbase executive Conor Grogan posted on the X platform stating that, according to Binance Corporate's Proof of Reserves (PoR) data, its

cryptocurrency

holdings include a total of $6.35 billion in assets and $3.19 billion in stablecoins. This does not include off-chain cash balances or funds not in the PoR wallets. Binance is most likely to fully pay the $4.3 billion Department of Justice fine without selling any cryptocurrency assets.

In earlier reports, Binance and its CEO CZ admitted guilt to criminal charges related to money laundering and violating U.S. sanctions, including allowing transactions with terrorist organizations like Hamas. This was part of a comprehensive agreement reached with the U.S. Department of Justice aimed at maintaining the company's operations.

Binance agreed to plead guilty and pay over $4 billion in fines. As part of the settlement, CZ agreed to resign and pay a $50 million fine, which he pleaded guilty to in a Seattle court this Tuesday. The agreement involved the participation of the U.S. Department of the Treasury and the Commodity Futures Trading Commission, concluding investigations into the

cryptocurrency exchange

that had lasted for several years. The negotiated settlement will resolve all criminal allegations related to improper conduct.