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Bitcoin and BNB Token Stage Relief Rallies on Binance Settlement News

Crypto exchange Binance could reportedly soon be paying $4 billion to settle multiple U.S. criminal charges, according to Bloomberg.

By Stephen Alpher
AccessTimeIconNov 20, 2023 at 6:01 p.m. UTC
Updated Mar 8, 2024 at 5:23 p.m. UTC
Changpeng Zhao ,CEO of Binance (CoinDesk)
Changpeng Zhao ,CEO of Binance (CoinDesk)

A major overhang over the crypto market – whether the world's largest crypto exchange might soon be put out of business – might soon be going away, and bitcoin (BTC) and BNB Coin (BNB) are moving higher on the news.

According to Bloomberg, Binance by month's end might be paying $4 billion to make multiple criminal charges in the U.S. go away. Importantly, however, the settlement reportedly would allow the exchange to continue operations.

To this point, a spokesperson with the DOJ declined to comment to CoinDesk and Binance didn't immediately respond to a request for comment.

After initial dips when the headlines hit, bitcoin and BNB have both moved to session highs, with bitcoin ahead 1% on the day and BNB up 6%.

Disclosure

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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Stephen Alpher
Stephen Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

Follow @SteveAlpher on Twitter
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