Binance Coin (BNB) experienced a remarkable surge, surging by more than 7% within the past 24 hours, following breaking news from Bloomberg.
The report from Bloomberg unveiled that the United States Department of Justice (DOJ) is currently in discussions with Binance regarding a potential $4 billion settlement.
This significant settlement would aim to bring closure to the ongoing investigation into various alleged wrongdoings by the company, including violations of sanctions, money laundering, and fraudulent activities.
The Cointelegraph Markets Pro data indicated that BNB swiftly responded to the breaking news, spiking by 6% to reach a price of $262 just half an hour after Bloomberg’s revelation on November 20.
However, the cryptocurrency experienced a brief dip, falling to $252 approximately four hours later.
Nonetheless, BNB made a notable recovery and reached $266, marking its highest value since June 7.
This surge occurred shortly after the Securities and Exchange Commission (SEC) initiated legal action against Binance and its CEO, Changpeng “CZ” Zhao, accusing them of violating securities laws.
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BNB’s price movement in the last 24 hours stands out among the top 75 cryptocurrencies by market capitalization, boasting the most substantial increase.
Currently, BNB occupies the fourth position among tokens, commanding a market capitalization exceeding $40 billion.
Despite this recent surge, it’s worth noting that BNB still lags considerably behind its all-time high of $686 achieved on May 10, 2021, with a decline of 61.4%.
Nevertheless, it has managed to achieve a modest 6.5% gain year-to-date.
One potential outcome of the settlement discussions envisions Binance agreeing to pay the substantial $4 billion fine while agreeing to operate within the United States under specific conditions mandated by regulatory authorities.
Bloomberg has reported that an official announcement regarding this potential agreement could be made by the end of the month.
If indeed Binance consents to this settlement, it will mark one of the largest fines ever levied in a criminal cryptocurrency case, underscoring the increasing scrutiny and regulation within the cryptocurrency industry.
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