Binance Holding Ltd. would be asked to pay $4 billion to settle U.S. Department of Justice accusations of multiple criminal violations, according to a report from Bloomberg News on negotiations between the DOJ and the company, which are also leaving open the possibility that its founder Changpeng "CZ" Zhao would also face U.S. criminal charges.

Binance has been under a lengthy investigation by U.S. authorities for money laundering, bank fraud and violating U.S. sanctions laws, and the talks could reportedly conclude in the coming weeks.

A spokesperson with the DOJ declined to comment to CoinDesk. Binance didn't immediately respond to a request for comment.

Binance and CZ have faced investigations and accusations on multiple fronts in the U.S., including related enforcement actions earlier this year from the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission. If the company agrees to be fined by the U.S. for more than $4 billion, that would represent one of the largest settlements in crypto history, but it's uncertain what other conditions or business requirements may come along with that penalty, according to Bloomberg.

Were U.S. authorities to charge CZ, a resident of the United Arab Emirates, with crimes, he would have to be extradited from a country with a U.S. extradition treaty or set foot in U.S. territory in order to face those charges.

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UPDATE (November 20, 2023, 18:00 UTC): Adds further detail about the potential settlement.