BNB pops after report that DOJ wants $4B settlement with Binance

Brayden Lindrea4 hours agoBNB pops after report that DOJ wants $4B settlement with BinanceBNB hit its highest price since June after Bloomberg reported the U.S. Justice Department wanted $4 billion from Binance to end its probe into the exchange.1972 Total views17 Total sharesListen to article 0:00NewsJoin us on social networksBNB (BNB) has gained over 7% in the last 24 hours after Bloomberg reported that the United States Department of Justice (DOJ) is contemplating a $4 billion settlement with Binance to resolve its investigation into the company.

Cointelegraph Markets Pro shows BNB spiked 6% to $262 in the 30 minutes after Bloomberg’s Nov. 20 report, which said Binance was negotiating an agreement to resolve a DOJ probe into alleged sanctions violations, money laundering and fraud.

BNB dropped to $252 around four hours later but notched a second spike to $266, which was its highest price since June 7, two days after the Securities and Exchange Commission sued Binance and CEO Changpeng “CZ” Zhao, alleging securities law violations.BNB has seen an over 7% gain in the last 24 hours. Source: Cointelegraph Markets Pro

The Binance-issued token has the highest 24-hour price increase among the 75 largest cryptocurrencies by market cap. BNB is currently the fourth largest token, with a market cap of over $40 billion.BNB market cap +$4b from the post headline low pic.twitter.com/6T6y3EveLF— Hsaka (@HsakaTrades) November 20, 2023

Despite the recent price pump, BNB is down 61.4% from its May 10, 2021, all-time high of $686 but has gained 6.5% year-to-date.

Related:Binance launches Web3 wallet for its 150M registered users

One settlement scenario sees Binance pay the 10-figure fine and be allowed to keep operating in the U.S. in compliance with certain conditions.

An announcement of a potential agreement could come as soon as the end of the month, Bloomberg reported.

If Binance pays up, it will be one of the largest penalties ever paid in a criminal cryptocurrency case.

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