In an exciting turn of events, American authorities have demanded a hefty $4 billion from Binance to conclude the ongoing criminal probe. The giant cryptocurrency exchange and its founder, Changpeng Zhao, also known as CZ, are awaiting charges that may be released towards the month-end.
The trial ensues from investigations by the Department of Justice into allegations of money laundering, bank fraud, and violations of sanctions. The legal negotiation includes the likelihood of criminal charges against the UAE-based CEO, Changpeng Zhao. Despite UAE’s non-extradition policy with the US, the CEO could voluntarily attend trials in the US.
The Binance-issued token, BNB, has experienced a significant jump following the announcement of a potential $4 billion settlement between Binance and the Department of Justice. BNB prices soared by 6% to reach $262 within 30 minutes of the report’s release, leading to the highest day-on-day increase among the top 75 cryptocurrencies.
Impressively, BNB is the fourth largest token worldwide boasting a market cap exceeding $40 billion. Despite a 61.4% decline from its highest-ever price of $686 on May 10, 2021, BNB has leveraged the recent turn of events to post a yearly gain of 6.5%.
This ongoing legal saga may conclude if Binance agrees to pay the hefty fine, larger than most ever paid in a criminal cryptocurrency case. In return, the platform would be allowed to continue its operations in the US under certain conditions. Stay tuned for an official announcement, possibly by the month-end.