21st November 2023 – (New York) A cloud of uncertainty hanging over the cryptocurrency market, regarding the potential closure of the world’s largest crypto exchange, appears to be dissipating. Recent reports indicate that Binance, the prominent cryptocurrency exchange, may soon resolve multiple criminal charges in the United States by agreeing to a substantial payment of $4 billion. This news has had a positive impact on the prices of Bitcoin (BTC) and BNB Coin (BNB), both of which have witnessed an upward trajectory.
According to Bloomberg, Binance is expected to finalise the settlement by the end of this month. The proposed agreement, crucially, would enable the exchange to continue its operations without interruption. While specific details of the settlement remain undisclosed, the resolution of these legal matters would be a significant relief for Binance and the wider crypto market.
It is important to note that neither CoinDesk nor Binance has received official comments from the U.S. Department of Justice (DOJ) regarding this development. As a result, the finer points of the settlement and any potential implications for Binance’s CEO, Changpeng Zhao (CZ), remain uncertain at this time. Binance has yet to respond to requests for comment, further adding to the anticipation surrounding the outcome of this case.
Following the initial release of these headlines, both Bitcoin and BNB experienced temporary dips in their prices. However, they quickly rebounded and surged to session highs. Bitcoin, currently leading the market, has witnessed a 1% increase for the day, while BNB has experienced a notable 6% surge.