Key Insights:
- BNB coin price rallied by 8.47% over the last week, reaching a new all-time high of $963.
- A recent report on Bloomberg indicates that Binance is close to a deal with the DOJ that could remove the oversight requirement tied to its 2023 settlement.
- The oversight requirement was part of the exchange’s $4.3 billion settlement with the Department of Justice.
The BNB coin, also known as Binance Coin by some, reached a new record all-time high of $963 on September 17, before slipping slightly to $953.31.
The jump followed reports that Binance Holdings Ltd. is in talks with the U.S. Department of Justice (DOJ) about easing one of the main conditions tied to its $4.3 billion settlement from November 2023, which involves a deal to end compliance oversight.
BNB Coin Spikes to New All-Time High
BNB crypto rallied by 8.47% over the last week, reaching a new all-time high of $963. However, during writing, it has wiped off some of its gain and traded near $956.
Weekly trading volume soared to $48.8 billion, while market cap climbed to over $132.58 billion. This surge in activity highlighted the growing trust from both users and institutions.
BNB price strength could be attributed to its integration with Binance’s centralized exchange, where holders received trading fee discounts based on their BNB balance and trading volume.
In addition, the dominance of decentralized exchanges like PancakeSwap within the BNB Chain has helped the network sustain activity, even as competition from ecosystems like Solana continues to intensify.
Back in May, Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, noted in a report that BNB had traded almost precisely in line with an unweighted basket of Bitcoin and Ethereum since May 2021 in terms of both returns and volatility.
He added that this trend was likely to continue, projecting Binance Coin to rise from around $600 at the time to $2,775 by the end of 2028.
Binance And DOJ Near Deal To Drop Compliance Oversight
A recent report on Bloomberg indicates that Binance is close to a deal with the DOJ that could remove the oversight requirement tied to its 2023 settlement over Bank Secrecy Act (BSA) violations.
Federal prosecutors are reportedly in talks with the crypto exchange about what will replace the existing requirement to maintain an external compliance monitor.
Many market pundits believe that this development has fueled market sentiment, potentially triggering a surge in BNB coin.
Meanwhile, as part of the original settlement, the exchange had agreed to keep an independent monitor for three years to strengthen its anti-money laundering and sanctions compliance programs.
The shutdown of compliance oversight marks another shift under the pro-crypto Trump administration, with the DOJ taking a softer approach to monitoring.
The Biden administration installed several monitors, but reports suggest that authorities have alread removed some of them.
The US DOJ hasn’t finalized its decision on the monitorship, which is scheduled to continue until 2026.
However, Binance may be required to adopt stronger compliance reporting measures before the compliance monitor is removed. Notably, it could also boost the appeal for BNB coin.
US DOJ Boosts Hope for BNB Coin Rally
If the DOJ ultimately agrees to drop the monitor, it would be a significant victory for the exchange. The guilty plea in 2023 and the $4.3 billion settlement, which is one of the largest in U.S. corporate finance history, already marked a pivotal moment for Binance.
The CEO of Binance, Changpeng “CZ” Zhao, had to step down from his role and serve a four-month prison sentence. Earlier in May, he revealed that he had applied for a presidential pardon from Trump.
Polymarket data indicates that CZ is currently the top candidate for a pardon, with a 55% chance of it occurring. Amid this, the market experts anticipate a continuing rally in BNB crypto in the near future.