BNB 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.
BNB (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.
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.
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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