November 22, 2023 11:30 PM | 1 min read
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Cryptocurrency exchange Binance has moved $3.9 billion in Tether (CRYPTO: USDT) from its cold wallet just before settling with the Department of Justice (DOJ).
What Happened: According to a Decrypt report on Tuesday, this transfer took place just days prior to Binance and its CEO finalizing a $4.3 billion settlement with the DOJ over allegations of money laundering.
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The $3.9 billion transaction was carried out on November 9, with funds being moved from one Binance cold wallet to another.
The exact purpose of these funds, whether they will be used to pay the U.S. government’s fine or be converted into U.S. dollars or another fiat currency, remains uncertain. Binance has not yet provided any statement regarding this issue. Benzinga couldn’t independently verify the claim.
See Also: Crypto Expert Says Bitcoin Could Skyrocket By Over 600% Thanks To This Catalyst
Interestingly, the majority of the 88.3 billion USDT tokens currently in circulation are issued on the Tron blockchain. Despite its contentious reputation, Tether continues to be a vital participant in the cryptocurrency market.
The transfer of USDT happened just before Binance and its CEO, Changpeng Zhao, consented to pay $1.8 billion in criminal fines, along with an additional $2.5 billion to be forfeited. This settlement concludes the prolonged investigations by U.S. authorities into Binance’s regulatory adherence and anti-money laundering measures.
Binance did not respond to Benzinga’s request to comment.
Photo via Flickr
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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