BNB soars amid reports DOJ to announce Binance settlement today

The price of BNB, the native token of Binance, was surging on Tuesday afternoon as fresh news regarding a potential settlement with the US Justice Department hit the market.

BNB, which traded at lows of $240 over the weekend, saw an upsurge on Monday as a Bloomberg report cited familiar sources as saying Binance and the DOJ had been in discussion over a $4 billion settlement. According to the publication, the government was looking to end its investigations around Binance.

On Tuesday, reports emerged that the DOJ was set to make multiple key announcements around the crypto space.

DOJ to announce Binance settlement

According to a Bloomberg article, a conference had been scheduled for 3 pm ET. While there were “separate but related cryptocurrency enforcement actions” being lined up, the publication pointed out that one of the announcements will be about the DOJ’s settlement with Binance.

It is expected today’s announcement will include details on CFTC’s lawsuit against Binance. However, its unclear whether the SEC which sued crypto exchange Kraken today, will be part of the conference.

Here is blockchain news reporter Wu Blockchain sharing the news development.

Binance allegedly moved $3.9 billion in USDT from a cold wallet to a hot wallet on November 9, but it’s unclear whether this transfer has any relation to the latest rumours around a settlement.

As the crypto community reacts to what many say has been an overhang on the sector, the price of BNB rose to break above $260. At the time of writing, the BNB/USD pair was changing hands near $266, hitting an intraday high that is its highest level since early June.

Data from CoinGecko showed BNB price was up 22% over the past 30 days.