⛔ Stop guessing ⛔ Use our free stock screener to find new opportunities fast Try Free Screener

Binance Settlement Announcement Expected Today: Bloomberg

Published 2023-11-21, 12:45 p/m
© Reuters. Binance Settlement Announcement Expected Today: Bloomberg
BNB/USD
-
BUSD/USD
-

U.Today - U.S. Attorney General Merrick Garland is slated to hold a press conference today, during which a major announcement concerning Binance, the world’s leading cryptocurrency exchange, is expected, according to a by Bloomberg.

Sources close to the matter have indicated that the Department of Justice (DOJ) is poised to reveal details of a settlement agreement with Binance after a prolonged inquiry into the exchange's operations.

The DOJ has reportedly negotiated a settlement that could see Binance parting with upwards of $4 billion. This figure dwarfs previous settlements in the financial sector, which makes this a historic move by U.S. regulators.

The implications of the settlement extend beyond financial penalties. Rumors are suggesting that Binance CEO Changpeng Zhao may also face criminal charges related to allegations of money laundering, bank fraud, and sanctions breaches.

The backdrop to this announcement is a year fraught with challenges for Binance, including high-profile executive exits, workforce reductions, and a declining grip on the cryptocurrency market. Despite these setbacks, the potential settlement is viewed by some in the crypto community as a positive turning point.

Prominent voices in the industry, such as cryptocurrency behemoth Mike Novogratz, have publicly expressed optimism about the settlement's potential to stabilize the sector.

The market reaction to the impending announcement has been tentatively positive, with Binance’s native token BNB experiencing a notable increase in price.

This article was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.