Cryptocurrency market saw a sharp retracement on Tuesday with Bitcoin falling below $37k and Binance Coin (BNB) tanking 7% to $240, following reports alleging Changpeng Zhao, the founder and CEO of Binance, may step down as part of a settlement with the US Department of Justice (DOJ). According to Forbes, the DOJ may make an announcement today.

Ethereum also lost the $2k mark, with BTC falling 3% to $36,797 and ETH 4% to $1,968. The overall crypto market cap was down 1.7% to $1.44 trillion.

The DOJ is said to be looking for over $4 billion from Binance as a settlement, and it appears CZ will plead guilty to charges levelled against him and the exchange. An announcement by the US Attorney General Merrick Garland is expected to follow.