BNB (BNB) has gained more than 7% in the past day after Bloomberg reported that the US Department of Justice is contemplating a $4 billion deal with Binance to resolve its investigation into the company.
Cointelegraph Markets Pro shows BNB rose 6% to $262 in about 30 minutes after Bloomberg’s Nov. 20 report that Binance was negotiating a deal to resolve a Justice Department investigation into alleged sanctions violations, money laundering money and fraud.
BNB fell to $252 about four hours later, but posted a second rise to $266, its highest price since June 7, two days after the Securities and Exchange Commission sued Binance and CEO Changpeng “CZ ”Zhao alleging that they violated several securities laws.
The Binance-issued token has the largest 24-hour price increase among the 75 largest cryptocurrencies by market capitalization. BNB is currently the fourth largest token with a market capitalization of over $40 billion.
BNB Market Cap + $4 Billion from Post-Headline Low pic.twitter.com/6T6y3EveLF
– Hsaka (@HsakaTrades) November 20, 2023
Despite the recent price surge, BNB is down 61.4% from its May 10, 2021 all-time high of $686, but has gained 6.5% year-to-date.
Related: Binance launches Web3 wallet for its 150 million registered users
One settlement scenario involves Binance paying the 10-figure fine and being allowed to continue operating in the US under certain conditions.
An announcement of a possible deal could come by the end of the month, Bloomberg reported.
If Binance pays, it will be one of the largest penalties ever paid in a cryptocurrency criminal case.
Magazine: Deposit Risk: What Do Crypto Exchanges Really Do With Your Money?
