Bitcoin and BNB Surge Following Binance Settlement News

• Crypto Market Update: Binance Settles Criminal Charges
• Binance's Potential $4 Billion Settlement
• DOJ and Binance Withhold Comment
• Market Reactions to the News

Crypto Market Update: Binance Settles Criminal Charges

The crypto market has been under a significant cloud of uncertainty, predominantly driven by concerns over the future of the world's biggest cryptocurrency exchange. Recent news, however, suggests that this pressure might soon dissipate, with Bitcoin$42,260 -0.64% (BTC) and Binance Coin (BNB$312 -5.65%) demonstrating positive momentum in response.

Binance's Potential $4 Billion Settlement

As per a Bloomberg report, Binance may be settling multiple criminal charges in the U.S. by the end of this month, with a sum close to $4 billion. The settlement will reportedly allow the exchange to continue its normal operations, which is a significant factor contributing to the easing market tensions.

DOJ and Binance Withhold Comment

Inquiries made regarding the matter have yet to receive responses. A spokesperson connected with the Department of Justice (DOJ) declined to comment when approached by CoinDesk, and Binance, too, has not responded to requests for comment.

Market Reactions to the News

Initial market reactions saw a dip in Bitcoin and BNB values following the settlement announcement. However, the two cryptocurrencies quickly rallied, reaching new session highs. At the close of the day, Bitcoin was up by 1%, and BNB experienced a more substantial surge, recording a 6% increase.

Edited by Jonathan Stoker