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We have been talking about the structural issues in the crypto market and the serious regulatory pressure for a long time. However, things may soon change. The reason for the rise of cryptocurrencies is the investigation launched by the US Department of Justice against Binance and CZ. So, what is the current situation?
Why is Bitcoin Rising?
The price of Bitcoin, reaching its daily peak, was influenced by the Bloomberg report based on familiar sources. The price rose to $37,750, and if CZ makes a positive statement, surpassing $38,000 would not be surprising. Bloomberg had previously written similar things in its report on this issue;
“Insider sources believe that the lawsuit to be filed against Binance by the US Department of Justice will trigger a major collapse in the cryptocurrency markets. To prevent the damages that will arise from this collapse, the priority will be to determine the amount of the penalty and reach an agreement with Binance without prolonging the process.”
Today’s report also writes supportive things about this. An agreement will be reached for the resolution of the investigation into money laundering, bank fraud, and sanctions violations by Binance and CZ. Of course, this agreement comes with a cost, and an amount of over $4 billion is mentioned.
“Regarding possible sanctions violations, it was stated that the US Department of Justice is investigating Binance on the allegation that it helped to breach the sanctions imposed by the US against Iran and Russia.
Binance is also under investigation for whether it allowed transactions that facilitated the financing of Hamas.”
The investigation is being conducted by the national security division, the US prosecution in Seattle, the money laundering and asset recovery division, together with the criminal division.
Turning Point for Cryptocurrencies
If the amount of the penalty proposed by the Department of Justice is accepted and a clean slate is opened, it will be an important move for Binance to continue its operations. At the same time, it could indicate the beginning of a bull season in the cryptocurrency markets. Investors believed that the demand wave to come with ETF approval would be suppressed due to regulatory pressure and the risk of the lawsuit against Binance. If the risk is eliminated through an agreement, it will definitely be a turning point for cryptocurrencies.
Three people familiar with the matter said that the agreement is focused on an option for Binance to continue its operations, which could prevent a collapse that could have negative consequences for the markets and crypto investors.
The price of BNB Coin has increased by approximately 10%, and the community eagerly awaits statements from CZ.
