Following Bloomberg's report on the United States Department of Justice (DOJ) considering a $4 billion settlement with Binance, BNB experienced a significant surge of over 7% in the past 24 hours.
BNB Binance, DOJ Insights
- A report rumored the DOJ is pursuing a $4 billion resolution with Binance.
- Wall Street Journal reports CEO Changpeng "CZ" Zhao will step down.
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BNB Price Fluctuation
The price of BNB initially spiked by 6% to $262 within half an hour of the report's release on November 20th. This surge was attributed to Binance's ongoing negotiations to resolve the DOJ's investigation into alleged sanctions violations, money laundering, and fraud. However, BNB's price later dropped to $252 approximately four hours later.
Despite this dip, BNB managed to rebound and reached a second spike at $266. This price level marked the highest point for BNB since June 7th, which was just two days after the Securities and Exchange Commission filed a lawsuit against Binance and its CEO Changpeng "CZ" Zhao, accusing them of securities law violations.
The Binance token has recorded the highest surge in price within 24 hours among the top 75 cryptocurrencies based on market capitalization. Presently, BNB ranks fourth in terms of altcoin token size, with a market capitalization exceeding $40 billion. Despite the recent price hike, BNB has experienced a 61.4% decline from its all-time high of $686 on May 10, 2021. However, it has gained 6.5% year-to-date.
Will Binance Settle with DOJ?
Binance may reach a settlement where they pay a hefty fine and are permitted to continue their operations in the United States, subject to specific conditions. According to Bloomberg, an announcement regarding a possible agreement could be made by the conclusion of this month. Should Binance fulfill their payment obligations, it would mark one of the most substantial penalties ever imposed in a criminal cryptocurrency matter.
According to The Wall Street Journal, Changpeng "CZ" Zhao, the founder of the world's largest crypto trading platform, will be stepping down from his position as CEO and pleading guilty to violating criminal U.S. anti-money laundering requirements. Binance will also be paying a $4.3 billion fine.
The DOJ has announced that it will be holding a press conference on Tuesday to discuss "significant cryptocurrency enforcement actions," with several high-ranking officials in attendance. This is believed to be related to the DOJ's ongoing investigation into Binance.