BNB's price rose following news that the US Department of Justice (DOJ) is seeking $4 billion from Binance as part of a deal that could end its ongoing investigation.
BNB Price Rises After News that DOJ and Binance May Reach an Agreement
BNB price has increased by over 5% in the last 24 hours. BNB rose as high as $268, the highest price since June 9.
In the first moments after the news was heard, the price of BNB increased by 10 percent. In this case, it was seen that the market value of BNB increased by more than 4 billion dollars. Although $4 billion may seem like a huge amount, solving this problem can actually be seen as a much more profitable deal for CZ, Binance and the entire ecosystem.
According to a Bloomberg report, the Department of Justice is investigating the world's largest cryptocurrency exchange for allegations of money laundering, bank fraud and sanctions violations.
The news stated that the negotiations included the possibility that Binance CEO Changpeng Zhao could face criminal charges in the United States as part of an agreement to resolve the investigation.
An announcement on a potential resolution of the investigation could be made by the end of the month, Bloomberg reported, citing people with knowledge of the matter.
According to the report, a deal could allow Binance to continue its operations and avoid a crash that would cause significant damage to the cryptocurrency market.
*This is not investment advice.