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BNB Pops Up After Report DOJ Seeks $4B Settlement With Binance

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BNB (BNB) gained more than 7% over the past day after Bloomberg reported that the US Department of Justice is considering a $4 billion settlement with Binance to resolve its investigation into the company.

Cointelegraph Markets Pro shows BNB climbed 6% to $262 about 30 minutes after Bloomberg’s Nov. 20 report, which said Binance was negotiating a deal to resolve a DOJ investigation into alleged sanctions violations, money laundering money and fraud.

BNB fell to $252 about four hours later, but recorded a second peak at $266 – its highest price since June 7 – two days after the Securities and Exchange Commission sued Binance and CEO Changpeng. CZ” Zhao, alleging that they violated various securities laws.

BNB saw a gain of over 7% in the last 24 hours. Source: Cointelegraph Markets Pro

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

Despite the recent price rally, BNB is down 61.4% from its all-time high of $686 on May 10, 2021, but has gained 6.5% year-to-date.

Related: Binance launches Web3 wallet for its 150 million registered users

One settlement scenario calls for Binance to pay a 10-figure fine and be allowed to continue operating in the United States under certain conditions.

The announcement of a possible agreement could come as early as the end of the month, Bloomberg reported.

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

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