BNB pops after report that DOJ wants $4B settlement with Binance

BNB hit its highest price since June after Bloomberg reported the Justice Department wanted $4 billion from Binance to end its probe into the exchange.

BNB has gained over 7% in the last day after Bloomberg reported that the United States Department of Justice is contemplating a $4 billion settlement with Binance to resolve its investigation into the company.

Cointelegraph Markets Pro shows BNB spiked 6% to $262 in around 30 minutes after Bloomberg’s Nov. 20 report, which said Binance was negotiating an agreement to resolve a DOJ probe into alleged sanctions violations, money laundering and fraud.

BNB dropped to $252 around four hours later but notched a second spike to $266 — its highest price since June 7 — two days after the Securities and Exchange Commission sued Binance and CEO Changpeng “CZ” Zhao alleging they violated various securities laws.

BNB has seen an over 7% gain in the last 24 hours. Source: Cointelegraph Markets Pro

The Binance-issued token has the highest 24-hour price increase among the 75 largest cryptocurrencies by market cap. BNB is currently the fourth largest token with a market cap of over $40 billion.

BNB market cap +$4b from the post headline low pic.twitter.com/6T6y3EveLF

— Hsaka (@HsakaTrades) November 20, 2023

Despite the recent price pump, 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 150M registered users

One settlement scenario sees Binance pay the 10-figure fine and be allowed to keep operating in the U.S. in compliance with certain conditions.

An announcement of a potential agreement could come as soon as the end of the month, Bloomberg reported.

If Binance pays up, it will be one of the largest penalties ever paid in a criminal cryptocurrency case.