Binance reportedly processed over $10 billion in illegal payments this year and a DOJ investigation is looking into top executives including CEO Changpeng Zhao

• The US Justice Department has been investigating crypto exchange Binance over money laundering violations, Reuters reported Monday.
• The report says that Binance processed over $10 billion worth of illegal payments in 2022.

The US Department of Justice is reportedly investigating the world's largest cryptocurrency exchange, Binance, according to Reuters.

US prosecutors are looking into Binance on money laundering conspiracy, unlicensed money transmission, and criminal sanctions violations, four sources told the news outlet. The DOJ has also discussed potential plea deals with Binance's legal team, the report said. A Binance spokesperson told Insider that it would be "inappropriate for us to comment" on matters related to the DOJ.

Additionally, Reuters reported that Binance processed over $10 billion in illegal payments this year, and sought to "evade" regulators. The crypto giant disputed the report, adding that the calculations and claims of its compliance control weren't accurate. The exchange told Reuters that it is "driving higher industry standards" and looking to "further improve our ability to detect illegal crypto activity on our platform."

The investigation by the DOJ reportedly began in 2018, and has homed in on Binance's compliance with US anti-money laundering laws and sanctions.

The Reuters report added: "Some of the at least half dozen federal prosecutors involved in the case believe the evidence already gathered justifies moving aggressively against the exchange and filing criminal charges against individual executives including founder Changpeng Zhao, said two of the sources."

No final charging decisions have been made and the DOJ could bring indictments against Binance and top execs, negotiate a settlement, or close the case, the report said.

"As has been reported widely, regulators are doing a sweeping review of every crypto company against many of the same issues," the Binance spokesperson said.

They added: "This nascent industry has grown quickly and Binance has shown its commitment to security and compliance through large investments in our team as well as the tools and technology we use to detect and deter illicit activity."

A representative for the DOJ declined to comment.