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God candle incoming? Crypto investors cheer talk of Binance criminal probe resolution

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by COINS NEWS 13 Views

Crypto investors have welcomed the prospect of a resolution of a long-running U.S. criminal investigation into Binance, reckoning any deal that allows the major exchange to continue operating would remove a nagging risk to the wider market.

The U.S. Justice Department (DOJ) is seeking over $4 billion from Binance as part of a proposed resolution of its probe, Bloomberg reported on Monday, citing people familiar with the discussions.

A source familiar with the investigation told Reuters the investigation was nearing its conclusion, without elaborating. An announcement on the resolution may come as soon as the end of this month, Bloomberg reported.

Bitcoin , the top crypto and a barometer for wider sentiment, was unmoved by the news and was on Tuesday trading down about 2.6%. Binance's in-house token BNB, the fourth-biggest digital coin, climbed 4.6% on Tuesday, adding to gains of as much as 6% a day earlier.

The market reaction reflects an expectation that a $4 billion payment would be manageable for Binance, four crypto investors and market participants said. Such a settlement would allow Binance to continue to operate, sparing the market a sell-off sparked by any chaotic unwinding, two of the people said.

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