Crypto markets were supported by news of a possible settlement of the Binance case with the United States Department of Justice.
Sources familiar with the matter said talks between the US Department of Justice and Binance include the possibility of its founder, Changpeng Zhao, facing criminal charges in the US under an agreement to conclude an investigation into alleged money laundering, bank fraud and sanctions violations.
As a result, Binance’s naïve token BNB rose 8.5% to $266.42 after the Bloomberg report was published on November 20. At the time of writing, the token is trading at $259, having increased its price by 4.6% in the last 24 hours.
However, the exact timing and structure of the proposed resolution, as well as the specific charges, were not specified. At the same time, Binance is expected to pay more than $4 billion in potential settlement fees, which would be one of the largest fines in the history of cryptocurrency criminal cases.
“A deal with a follow-on provision could be a compromise that protects investors and allows Binance the option to evolve toward a more institutional and compliant future direction.”
Matt Walsh, founding partner of crypto venture firm Castle Island Ventures
Meanwhile, trading volumes in the cryptocurrency market have increased sharply following the latest news. In the last 24 hours, trading volumes reached $55 billion, an increase of 37%. However, the prices of the largest cryptocurrencies by market capitalization practically did not react to the changes, with the exception of BNB.
On June 5, the SEC filed a lawsuit against Binance and Zhao, bringing 13 charges, including the sale of unregistered securities. On June 6, the regulator sent a request to freeze the digital assets of the exchange’s US division. A few days later, users lost the ability to deposit dollars, prompting selling by those wishing to withdraw funds in fiat money.
On June 17, the SEC and Binance signed an agreement regarding customer funds in the US. The exchange resumed withdrawing assets, but the company warned that the situation could change.
