Coinspeaker
Binance Possible $4B Civil Settlement in US Ignites BNB and Bitcoin Bulls
Amid the ongoing altcoin recovery, Binance’s native coin BNB has enjoyed a much-needed recovery, thus invalidating the possible replay of the FTX scenario. Binance Holdings Ltd., a leading cryptocurrency exchange that has invested heavily in the Bitcoin network and the web3 ecosystem, is looking at a possible settlement with the United States, according to a recent report prepared by Bloomberg News. Reportedly, the United States Department of Justice (DoJ) is in final negotiations with Binance’s attorneys to ensure a settlement deal is reached soon on the multiple criminal violations. Specifically, the DoJ is reportedly looking for a civil settlement of around $4 billion with Binance, which would make it the largest in the cryptocurrency realm so far.
Interestingly, Binance co-founder and Chief Executive Officer (CEO) Changpeng Zhao (CZ) has over the recent months teased number four, which could represent either the settlement deal or the fact that BNB has occupied the fourth position by market capitalization. Either way, the settlement could be a huge relief for the Binance ecosystem in the United States as the legal headwinds have delayed its growth in the region.
Binance, Its Possible Settlement, and the Market Outlook
The United States regulators have remained skeptical about providing clear crypto regulatory guidelines in the recent past despite other jurisdictions embracing the industry. With the presidential elections quickly approaching, the cryptocurrency topic is expected to play a major role in the next POTUS. Moreover, more than 50 million Americans have invested in digital assets and more intend to venture into the nascent industry after the imminent approval of spot Bitcoin and Ethereum exchange-traded funds (ETF).
In this regard, Binance is willing to fight for its place in the United States market, which controls about 25 percent of the global economic activities. According to CZ, Binance has a healthy balance sheet and does not have outstanding loans to anyone. As a result, the BNB coin, which is used to facilitate transactions fee payments on all the blockchains operated by Binance, has gained popularity among institutional investors seeking to diversify from Bitcoin and Ethereum.
According to our latest market data, BNB price has been hovering around $262 during the early Asian market on Tuesday, with the bulls in control. From a technical standpoint, BNB price on the weekly chart was glaring at a possible death cross between the 50 and 200 Moving Averages (MA) but could be invalidated if the altcoin closes above $260 consistently in the coming days. Meanwhile, Bitcoin price has gained about 1 percent in the past 24 hours to trade slightly above $37.3k.
Binance Possible $4B Civil Settlement in US Ignites BNB and Bitcoin Bulls
