Binance CEO and founder Changpeng Zhao will plead guilty to money-laundering charges and step down from the cryptocurrency giant, according to a report by the Wall Street Journal.
The US Department of Justice has conducted a lengthy investigation into the crypto exchange.
Citing unnamed sources with inside knowledge of the investigation, Binance will pay around $4.3bn to draw the criminal investigation to a close.
Binance cyrpto investigation
Despite the guilty plea and stepping down from his active role at the cryptocurrency firm Changpeng Zhao will maintain a majority ownership of the firm.
Dubai resident Zhao was expected to appear before US courts on Tuesday.
Striking the deal, and agreeing to pay hefty penalties, would allow the firm to continue operating.
Any settlements would be reached with the US Department of Justice and the Commodities Futures Trading Commission.
The US Securities and Exchange Commission is not part of the reported $4.3bn deal.
The high-profile collapse of one-time crypto-rival FTX last year sent shockwaves through markets and the alternative asset industry.
The US government is looking to balance financial punishments on Binance with providing stability for the wider sector.
Media reports said that in the event of Zhao stepping down he may be replaced by Richard Teng, head of regional markets at Binance.
Teng was formerly CEO of Abu Dhabi Global Market.
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