BNB, the native cryptocurrency of Binance, the world’s leading cryptocurrency exchange, soared more than 3%, surpassing $400 for the first time since May 2022.
These significant price movements came despite Binance facing the most severe criminal penalty in U.S. history. The exchange agreed to a $4.3 billion plea deal after receiving approval from a judge to resolve charges related to anti-money laundering and sanctions violations.
BNB price hits $400 amid Binance regulatory investigation
Binance’s legal troubles stem from its admission of facilitating transactions by groups like Hamas, among other terrorist groups, a fact that highlights the seriousness of its failure to comply. In response to these charges, U.S. District Judge Richard Jones emphasized the ethical violations motivated by greed during a sentencing hearing in Seattle.
The plea deal provides for the appointment of an independent compliance monitor for up to five years. The position has not yet been filled, but it is rumored that it will be awarded to the prestigious New York-based law firm Sullivan & Cromwell.
The resolution of these legal issues is an important moment for Binance. Prosecutors emphasized that Binance exploited for profit the vulnerabilities it introduced into the financial system. Binance General Counsel Josh Eaton expressed that the company takes full responsibility for its past actions and prides itself on strengthening compliance in recent years.
β(Binance) takes full responsibility for the past and why we are sitting here today. We are also proud of our increased compliance,β Eaton said.
Despite serious repercussions, including a potential 18-month prison sentence for Changpeng Zhao, who stepped down as CEO and agreed to a $50 million fine, Binance’s market performance remains resilient.
Read More: Binance Coin (BNB) Price Prediction for 2024/2025/2030
The value of BNB surged more than 3% from its opening price of $388.28 to its daily high of $400. This is BNB’s first rise above the $400 threshold since May 2022. This resilience demonstrates the volatile and unpredictable nature of cryptocurrency markets. It also reflects investor confidence in Binance’s future and its ability to navigate legal and compliance issues.
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