BNB is rallying on the news that the U.S. Department of Justice (DOJ) is seeking to close a criminal case against Binance.
According to a new Bloomberg report, the DOJ is seeking over $4 billion from the largest crypto exchange by trading volume to settle a multi-year investigation.
A separate report from the Wall Street Journal says that CZ plans on stepping down as CEO and admitting to criminal violations.
Citing people familiar with the matter, WSJ says the crypto billionaire will enter his plea to a Seattle court this afternoon in a deal that may allow Binance to continue its normal operations, while also giving Zhao the right to retain majority ownership of the exchange.
Says Matt Walsh, founding partner at crypto venture firm Castle Island Ventures,
“A settlement with a monitoring provision in place could be a compromise that protects investors and allows Binance the option to evolve into a more institutional and compliant future direction.”
A Reuters report also corroborated that a settlement announcement is expected soon.
BNB is currently outperforming much of the digital asset markets. The altcoin is worth $259 at time of writing, up 4.4% in the last 24 hours.
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