Binance has observed a significant surge, marking a more than 7% increase within the last 24 hours, following reports from Bloomberg indicating that the U.S. Department of Justice (DOJ) is contemplating a $4 billion settlement with the exchange to resolve its ongoing investigation.
BNB, the native token of Binance, exhibited a remarkable 6% surge to $262 in a span of 30 minutes after Bloomberg's disclosure on November 20. The news reported the exchange's discussions to settle a DOJ probe regarding alleged violations concerning sanctions, money laundering, and fraud.
After the initial surge, BNB experienced a slight decline to $252 approximately four hours later. However, it witnessed a subsequent spike to $266, achieving its highest price point since June 7. This surge occurred just two days following the SEC's lawsuit against Binance and its CEO, Changpeng Zhao, for purportedly breaching securities laws.
Among the top 75 cryptocurrencies by market capitalization, BNB displayed the most substantial 24-hour price increase. Presently, BNB holds the fourth-largest position in the market, with a market capitalization exceeding $40 billion. Despite recent gains, BNB remains 61.4% lower than its all-time high of $686 registered on May 10, 2021, yet shows a positive 6.5% year-to-date increase.
Sources suggest that one potential settlement option for Binance involves a substantial monetary fine and the ability to continue operations in the United States, albeit under specific conditions. An official announcement regarding the potential agreement might be forthcoming by the end of the current month, as stated by Bloomberg. If Binance proceeds with the payment, it would mark one of the largest fines ever recorded in a cryptocurrency-related criminal case.
