BNB Rises as US Justice Department Demands $4 Billion from Binance
Binance faces a $4 billion demand from the US Justice Department, potentially leading to one of the largest crypto settlements.
According to Bloomberg, the US Justice Department wants more than $4 billion from Binance Holdings to resolve a long-running probe.
According to reports, Binance's founder may face criminal prosecution in the United States. Despite this, the agreement may allow Binance to continue operating in the United States, avoiding substantial market disruption.
If agreed upon, this might be one of the largest settlements ever in the crypto world. Binance has not yet responded.
According to several industry analysts, this is an opportunity for Binance to become more compliant and investor-friendly. The DoJ's action follows a recent cryptocurrency fraud conviction. However, Binance's founder lives in the United Arab Emirates, which has no extradition relationship with the United States.
This DoJ case is different from other lawsuits filed against Binance by US regulators.
Following the announcement, the value of Binance Coin rose by more than 7%, reaching its highest level since June. However, it is still much lower than its peak in May 2021.
Below is a chart showing BNB’s Price movement in the past 7 days
