Prosecutors at the US Department of Justice are split on whether to press charges against Binance and its top executives, including CZ, on possible money laundering and sanctions violations.

US Department Prosecutors are split regarding the conclusion of a lengthy criminal investigation into Binance and its top executives. According to Reuters, citing four people familiar with the matter, the investigations began in 2018 and focused on Binance’s compliance with existing US anti-money laundering laws and sanctions.In particular, the charges under inquiry are unlicensed money transmission, money laundering conspiracy and criminal sanctions violations. One Group of Prosecutors Believe There is Enough Evidence to Press Charges

Reuters adds that at least six federal prosecutors believe there is enough evidence to justify a swift, aggressive move against Binance and filing criminal charges against its top executives, including popular CEO Changpeng Zhao (CZ). The second batch of prosecutors believes more time is needed to review more evidence connected with the case.

In addition, three Justice of Department offices are involved in the investigations: the Money Laundering and Asset Recovery Section (MLARS), the U.S. Attorney’s Office for the Western District of Washington in Seattle and the National Cryptocurrency Enforcement Team. Existing regulations demand that money laundering charges against financial institutions be initiated and approved by officials at MLARS, top officials from the other two offices and senior officials at the Department of Justice.

If approved, the possible charges against Binance and CZ come at a very delicate time in the crypto industry which is yet to recover from the Terra ecosystem collapse that occurred in May and the ongoing FTX fiasco and resulting contagion.Regarding price action, news of Binance and its top executives facing possible charges almost immediately affected the price of Binance Coin (BNB). The 1-hour BNB/USDT chart shows that the digital asset was stopped dead on its tracks as it attempted to shake off the weekend selling, which had caused a dip to the $280 support zone.

As soon as the news hit, BNB dropped by 4.33% from $284 to a local low of $271.7. The digital asset lost the crucial $280 support zone in the process.