BNB emerges after reports that the DOJ wants a $4B settlement with Binance
BNB (BNB) gained more than 7% in the last day after Bloomberg reported.
Cointelegraph Markets Pro BNB rose 6% to $262 in 30 minutes after Bloomberg reported on November 20 that Binance was negotiating a deal to settle a DOJ investigation into alleged sanctions violations, money laundering and fraud.
BNB fell to $252 after four hours but posted a second surge to $266 — its highest price since June 7 — two days after the Securities and Exchange Commission charged Binance and CEO Changpeng “CZ” Zhao with violating various securities laws.
The token issued by Binance has the highest 24-hour price increase by market value among the 75 largest cryptocurrencies. BNB is currently the fourth largest token with a market cap of over $40 billion.
BNB market cap +$4b from post title low pic.twitter.com/6T6y3EveLF
— Hsaka (@HsakaTrades) November 20, 2023
Despite its recent price pump, BNB is down 61.4% since May 10, 2021, from an all-time high of $686, but has gained up to 6.5% year-to-date.
Related: Binance Launches Web3 Wallet for 150M Registered Users
One condition of the settlement is that Binance pays a 10-figure penalty and is allowed to continue operating in the US if it complies with certain conditions.
An announcement of a potential deal is expected by the end of the month, according to Bloomberg.
If Binance pays, it will be one of the largest fines ever paid in a criminal cryptocurrency case.
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