In the midst of a market correction, the Binance Coin (BNB) chain captured everyone’s attention by recording a staggering 19.5 million transactions on November 19, 2023. This surge in activity represents the highest network engagement since May 2022.
BNB stands strong: Rises by 5% amidst market Slump
Despite the broader market downturn, BNB has defied the odds by registering a 5% increase in the last 24 hours. Currently, BNB is trading around $259, with a massive 24-hour volume change of about 750% and a $2.23 billion volume. Notably, it stands out as the only cryptocurrency in the top 10 to show positive movement, differing from others that continue to stay negative, according to recent data from CoinmarketCap.
DOJ settlement talks propel BNB’s positive momentum
The unexpected positive momentum in the Binance chain and BNB coin may be attributed to ongoing talks between Binance, a major player in the cryptocurrency space, and the U.S. Department of Justice (DOJ). The reported negotiations aim to settle criminal accusations against Binance, with a staggering $4 billion fine proposed.
The DOJ is investigating Binance on multiple fronts, including alleged involvement in money laundering, bank fraud, and violations of U.S. sanctions. The resolution of these charges through a $4 billion settlement is crucial for Binance as it could pave the way for the exchange to continue its operations amidst legal uncertainties.
If finalized, this settlement would mark one of the largest in the history of cryptocurrency. Binance’s founder, Changpeng “CZ” Zhao, might also find himself facing U.S. criminal charges. Previously, both the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission have taken actions against Binance.