Binance Nears $4 Billion Settlement Amid BNB Surge

Following Bloomberg’s report that the United States Department of Justice (DOJ) is considering a $4 billion settlement with Binance to conclude its investigation into the company, BNB has increased by more than 7% in the last twenty-four hours.

In the thirty minutes following Bloomberg’s November 20 report that Binance was negotiating a settlement to a DOJ investigation into purported sanctions violations, money laundering, and fraud, BNB surged 6% to $262.

Four hours later, the price of BNB fell to $252. However, it surged again to $266, its highest level since June 7, two days after the Securities and Exchange Commission filed suit against Binance and CEO Changpeng “CZ” Zhao, alleging violations of securities law.

The 24-hour price increase for the Binance-issued token is the greatest among the 75 largest cryptocurrencies by market capitalization.

BNB was the fourth-largest token by market capitalization at the time, exceeding $40 billion.

Despite the recent surge in price, BNB has gained 6.5% year-to-date but is down 61.4% from its all-time high of $686 on May 10, 2021.

In one possible settlement, Binance would be required to pay a ten-figure sanction and remain operational in the United States under specific conditions.

Bloomberg stated that a potential agreement announcement might occur by the end of the month at the latest. It will be one of the most substantial fines ever levied in a criminal cryptocurrency case if Binance complies.