BNB Price Soars As Binance Discusses $4 Billion Fine
The U.S. Justice Department is seeking more than $4 billion from Binance Holdings as part of a proposed resolution of a years-long investigation, Bloomberg News reported on Monday.
Negotiations between the Justice Department and Binance include the possibility that the cryptocurrency exchange's founder, Changpeng Zhao, would face criminal charges in the United States.
The BNB price soared as much as 7% after Bloomberg News reported that Binance is in discussions with the US Department of Justice (DoJ) that may result in it paying a $4 billion fine to settle allegations of multiple criminal violations.
The discussions with the DoJ may result in a settlement within weeks, but founder Changpeng Zhao may still face criminal charges, Bloomberg reported, citing people familiar with the matter.
Binance, the world’s biggest crypto exchange, has been accused of money laundering, violating sanctions, bank fraud, and breaking US securities laws in a case that has weighed heavily on the crypto industry.
A $4 billion settlement would make it one of the biggest in the history of the cryptocurrency space. Whether other conditions would be imposed as a part of the settlement are unknown, Bloomberg said.
The BNB token, which powers the Binance ecosystem, spiked as markets interpreted the news as a bullish, best-case scenario for the beleaguered crypto exchange. It subsequently pared gains to trade up 4.8% at $260.73 as of 06:12 EST but is now trading at $257.3 with a gain of +1.77
Negotiations between the Justice Department and Binance include the possibility that the cryptocurrency exchange's founder, Changpeng Zhao, would face criminal charges in the United States.
The BNB price soared as much as 7% after Bloomberg News reported that Binance is in discussions with the US Department of Justice (DoJ) that may result in it paying a $4 billion fine to settle allegations of multiple criminal violations.
The discussions with the DoJ may result in a settlement within weeks, but founder Changpeng Zhao may still face criminal charges, Bloomberg reported, citing people familiar with the matter.
Binance, the world’s biggest crypto exchange, has been accused of money laundering, violating sanctions, bank fraud, and breaking US securities laws in a case that has weighed heavily on the crypto industry.
A $4 billion settlement would make it one of the biggest in the history of the cryptocurrency space. Whether other conditions would be imposed as a part of the settlement are unknown, Bloomberg said.
The BNB token, which powers the Binance ecosystem, spiked as markets interpreted the news as a bullish, best-case scenario for the beleaguered crypto exchange. It subsequently pared gains to trade up 4.8% at $260.73 as of 06:12 EST but is now trading at $257.3 with a gain of +1.77
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