Binance's BNB Token Surges 7% Amid Potential $4 Billion DOJ Settlement
Summary:
BNB has seen a more than 7% increase following a Bloomberg report suggesting a $4 billion settlement between Binance and the U.S. Department of Justice. Despite recent price increases, BNB remains 61.4% down from its 2021 peak, though it's up 6.5% year-to-date. A potential settlement could see Binance paying the fine and continuing U.S. operations under specific conditions, marking one of the largest penalties in a criminal cryptocurrency case.
BNB (BNB) has seen an increase of more than 7% in the past day following a report by Bloomberg stating that the U.S. Department of Justice is considering a $4 billion settlement with Binance to conclude its company investigation. Following this news, which emerged on Nov. 20, BNB experienced a 6% surge to $262 within roughly half an hour, as shown by Cointelegraph Markets Pro. The report suggested that Binance is working towards a settlement to address a Department of Justice investigation into supposed violations of sanctions, money laundering and fraud. BNB’s value hit a temporary lull at $252 about four hours later, before experiencing a second surge to $266, its highest value since June 7. This occurred two days post the lawsuit by the Securities and Exchange Commission against Binance and its CEO, Changpeng “CZ” Zhao, on the grounds of alleged securities law violations. Over the past day, BNB has seen an increase totaling over 7% in value. BNB token, issued by Binance, boasts the largest 24-hour price surge of the 75 biggest cryptocurrencies by market capitalization and is currently the fourth largest token boasting a market cap of above $40 billion. Despite the recent increase in price, BNB is still down 61.4% from its all-time high of $686 posted on May 10, 2021, although it has gained 6.5% since the start of the year. There are suggestions that under a possible settlement scenario, Binance could pay the substantial fine and continue its U.S. operations under specific conditions. An announcement regarding a possible agreement may be forthcoming before the month ends, as reported by Bloomberg. If Binance decides to pay the fine, it will be among the highest penalties ever imposed in a criminal cryptocurrency case.
Published At
11/21/2023 4:20:04 AM
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