Binance is presently facing a big obstacle as the US Justice Department allegedly wants to pay over $4 billion to end an extensive investigation. If granted, this demand might lead to one of the biggest crypto settlements ever.
As per the reports from Bloomberg, the request from the Justice Department is a component of the resolution to the ongoing investigation into Binance’s operations. Furthermore, there are hints that the founder of Binance may be charged with a crime in the US.
However, the possible agreement might provide Binance with a way to carry on with its business in the US without significantly upsetting the market.
Analysts in the industry see this as a chance for Binance to improve investor relations and strengthen its compliance protocols.
The Justice Department’s action comes in the wake of recent crypto fraud convictions. Interestingly, the founder of Binance lives in the United Arab Emirates, a country with no formal extradition agreement with the United States.
Despite these challenges, Binance Coin (BNB) has proven resilient in the market. BNB is currently trading for $258, up 4.6% over the previous day. Maintaining its position as the fourth largest crypto by market capitalization, BNB’s trading volume is over $616,941,215.