In a series of events that marked the end of 2023, the world’s largest cryptocurrency exchange Binance and its then-CEO CZ faced an accusation by U.S. regulatory authorities. Following these events, Binance CEO CZ admitted to the wrongdoing and subsequently resigned. Additionally, Binance exchange agreed to pay a fine of $4.3 billion.
Judge Approves Settlement Payment
According to a recent announcement by Bloomberg, a U.S. court has approved the $4.3 billion payment agreement between Binance exchange and the SEC. The judge also approved a compliance monitoring requirement for Binance.
The situation remains uncertain for CZ, whose request to leave the U.S. was denied for the third time recently. CZ’s lawyers, who had offered a substantial bail amount in an attempt to lift the travel ban, faced rejection as there was deemed no need for his return. Crypto Traders Are Rushing to This App – Here’s Why You Should Too
Bitcoin and BNB Price Situation
Following the news, the price of Bitcoin experienced an immediate surge, finding itself above $51,000 once again. While Bitcoin’s market cap saw a 1% decrease to a level of $1 trillion, its trading volume also dropped by 7% to just over $23 billion.
On the other hand, the price of BNB, the native token of the Binance exchange, did not react as expected. Despite the end of uncertainties and a general uptrend in the markets, BNB only saw a 1% increase in the last hour, trading at $377.5.
At the same time, BNB’s overall volume decreased by 1% to $56 billion, while its 24-hour trading volume also fell by 10% to $1.8 billion.
The crypto community will closely monitor the upcoming developments regarding Binance exchange and BNB token, as well as whether CZ will receive a positive response from the court regarding his expectations.