BNB Surges on Report of DOJ Seeking $4B Settlement With Binance
Following a Bloomberg report that the DOJ demanded $4B from Binance to conclude its investigation, BNB reached its highest price since June. BNB Surges on...
- The United States Department of Justice (DOJ) is reportedly demanding a $4 billion settlement from Binance to conclude its investigation into alleged sanctions violations, money laundering, and fraud.
- Following the Bloomberg report about the potential settlement, the price of BNB (Binance's token) increased by more than 7%.
- Within thirty minutes of the report, BNB surged 6% to $262, but later declined to $252. However, after the Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO, BNB spiked to $266, its highest level since June.
- BNB is currently the fourth largest token by market capitalization, valued at over $40 billion. Despite recent gains, it has only gained 6.5% year-to-date and is down 61.4% from its all-time high in May 2021.
- A prospective agreement announcement regarding the settlement could be made by the end of the month, potentially resulting in one of the largest fines in a criminal cryptocurrency case.
The sentiment of the article is mostly neutral, with a focus on the potential settlement and its impact on BNB's price.