Fraud charges against Binance considering by the US Department of Justice

The U.S. Department of Justice is on the verge of filing fraud charges against Binance, the world’s largest cryptocurrency exchange.

According to a recent report by Semafor newspaper, the Ministry is looking into the potential costs and damages that such a proceeding could entail at this point. 

According to investigators, if Binance were to attack the world's largest stock exchange, the consequences could be catastrophic, including bankruptcy, as was the case with the now-defunct FTX Stock Exchange, and its president Sam Bankman Fried, among others. 

This, according to investigators, would be a devastating blow to consumers and their money, and could result in a severe liquidity shortage for the crypto community due to panic exits.

Aside from prosecution, prosecutors are looking at other options, including fines or agreements. The debate highlights the intricate and ever-changing nature of US cryptocurrency law enforcement and regulation, where businesses operate in a gray area and consumers lack the protections afforded by the banking system.

The Justice Department has declined to comment, and Binance did not reply.

Current cryptocurrency prices

Bitcoin is currently trading at $29.135.8 per symbol, down 1.9%. Ethereum is down 0.71% at $1.838.27 per symbol.

Altcoins have also fallen sharply after the news broke, with Binance Coin down 2.9% so far, trading at $240.6 per symbol. Ripple is down 2.58 percent, Dogecoin is down 4 percent, Solana is down 2.17 percent, Tron is down 2.32 percent, and Cardano is down 3.72 percent.