BNB reacted positively to the news of DOJ’s demands for settlement with the global largest crypto exchange, Binance. The token recorded a 7% surge in value within the past 24 hours.
The United States Department of Justice (DOJ) and Binance have discussed the long-standing criminal investment of the exchange in the US.
BNB Records Up To 7% Price Increase Amid News Of Settlement
BNB’s price surged by over 7% following Bloomberg’s report of DOJ’s demands for up to $4 billion settlement with Binance. According to data from CoinMarketCap, BNB rose to hit a daily peak value of $266.85.
This represents its highest price since June 7, 2023, following the SEC’s lawsuit against Binance with claims of violation of securities laws.
BNB has scaled to $262 within 30 minutes of Bloomberg’s report. After a few hours, the token slipped to $252. However, BNB took a higher bullish momentum to skyrocket to the $266 price region.
As of 08:20 AM EST on November 21, BNB trades at $258.91, reflecting a surge of 4.58% over the past 24 hours.
Its 24-hour trading volume indicates a whopping 153.02% increase, pushing the volume to $1.64 billion. With its new price rally, BNB took up the first position in the top gainers list for the day, according to CoinMarketCap.
Besides standing out with the biggest 24-hour price growth, BNB ranks as the fourth-largest crypto asset in terms of market value.
Its market cap witnessed almost a $4 billion increase, pushing the value to $40 billion. Notably, BNB spiked by 6.5% in its year-to-date value. However, the coin is still 62.52% below its all-time high of $690.93 as of May 10, 2021.
Odds Regarding Potential $4 Billion Settlement Between Binance And DOJ
According to Bloomberg’s report on November 20, the US DOJ seeks a $4 billion settlement deal with Binance. The report revealed that the parties involved are still discussing the agreement, which is expected to conclude by the end of November 2023.
Through the settlement, Binance would likely continue its operations within the US. Also, it would stop collateral damage to the exchange’s users and the crypto market at large.
Further, the settlement presented two different options, especially for Binance.
The first offers the condition of Binance CEO and founder Changpeng Zhao, who is facing criminal charges. Alternatively, the DOJ and Binance would stick with a deferred prosecution agreement (DPA). With DPA, the DOJ will file charges but won’t prosecute them.
Ultimately, it requires that Binance must pay a $4 billion fine, accept its operational flaws, and comply with set standards and rules. Reacting to the situation, a notable crypto community member and lawyer, Carlos D’Angelo, revealed his stance.
He noted that the conditions of CZ paying the huge fine and still facing criminal charges are quite “odd” in the industry.
Odd CZ would agree to pay AND be prosecuted criminally. Usually a civil asset forfeiture agreement is to avoid criminal charges. BUT Exception would be an agreement to asset forfeiture in exchange for a plea to lesser charges. https://t.co/gstPXmhR5f
— Carlo⚖️.eth (@DeFiDefenseLaw) November 20, 2023
John Reed Stark, a former SEC enforcement official and senior lecturer at Duke University, threw in another response. He stated that it could be difficult for Binance to uphold a DPA.
Stark explained that with DPA, the company will remain under 24-hour close watch of the regular. Moreover, it would admit to criminal counts that could trigger some legal issues for its operations in other countries.
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