Binance’s native token BNB saw a sharp rise following Bloomberg’s revelations that the US Department of Justice is demanding more than $4 billion from the Exchange to end investigations into sanctions violations, the money laundering and fraud.
A significant fine, but a respite for Binance!
According to a Bloomberg report published on November 20, the US Department of Justice would request no less than $4 billion from Binance to close its investigation into suspected sanctions violations, money laundering and fraud.
Although the amount is astronomical, such an agreement could allow the platform to continue operating in the United States, under certain conditions. This announcement had an immediate effect on the BNB price, the native token of Binance. In the space of 30 minutes, it jumped 6% to $262.
Four hours later, BNB fell back to around $252, before skyrocketing to $266 two days after the SEC filed a complaint against Binance and its CEO Changpeng Zhao. This is its highest price since June 7.
A reprieve that benefits BNB
Although still down 61.4% from its May 2021 record, BNB has still gained 6.5% since January 2023. And it’s probably not over.
Indeed, according to the scenario mentioned by Bloomberg, Binance would have to pay a 10-figure fine, in exchange for which it could continue its operations in the United States, under certain conditions. An announcement could come as early as the end of November.
If this is confirmed, this $4 billion jackpot would constitute one of the heaviest sanctions ever obtained in a criminal case linked to cryptocurrencies. Enough to put Binance on the path to regulatory compliance, at a high price of course, but with intact growth prospects in the lucrative American market.
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