The token of the largest cryptocurrency exchange Binance – BNB – rose in price by 6% over the past 24 hours and immediately reached $266.85, which is the maximum since June 10, 2023. according to Coinmarketcap service, reports RBC Crypto.
The increase in the value of the coin occurred against the background appeared yesterday news about the US Department of Justice’s demands that Binance pay more than $4 billion as part of an alleged settlement of a multi-year investigation into the platform. According to some sources, the agreement between regulators and the exchange is aimed at reaching a compromise that will allow Binance to continue operating and avoid a collapse of the crypto market and negative consequences for users.
In March of this year, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its executives. The regulator intends to completely deprive the largest crypto exchange of the American market and accuses it of facilitating illegal activities and trading manipulation.
In June, the SEC filed a lawsuit against Binance and its head Changpeng Zhao for violating securities trading rules. It followed from the court document that the commission recognized the BNB token, as well as the BUSD stablecoin, as securities. The regulator also demanded that the assets of the American subsidiary of Binance be blocked. The exchange said the regulator’s request was unfounded and had nothing to do with the concern for user funds that the SEC cited as the reason for the petition.
In August, media reported that Binance CEO Changpeng Zhao wanted to completely close the American division of the exchange (Binance.US). The head of the site allegedly feared possible damage to the company and its clients due to pressure from regulatory authorities.
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.