Binance Holdings Ltd., the largest cryptocurrency exchange globally by daily traded volume and registered users, is nearing a major deal with the United States Department of Justice (DOJ). According to a report by Bloomberg, Binance is on the cusp of ending the three-year compliance monitoring if a deal is completed with the DoJ.
At the time of this publication, there was no official confirmation but the report noted that Binance would have to set up proper compliance reporting first. The three year monitoring deal was signed during the plea deal in 2023, whereby the DOJ appointed Frances McLeod of Forensic Risk Alliance to facilitate the monitoring process.
Under the Donald Trump administration, different regulators have worked together to welcome back international crypto firms that were chased during the Biden administration. Binance is well positioned to benefit from the SEC’s ‘Crypto Project’ and CFTC’s ‘Crypto Sprint’ initiatives.
The potential closure of the DoJ’s compliance monitoring on Binance is likely to be influenced by the SEC and CFTC’s crypto initiative. Furthermore, Binance has to be a responsible actor in the web3 space with several multinational operating licenses.
For instance, Binance announced on Tuesday that it helped fight international cybercrime across several nations in Africa via Operation Serengeti 2.0.
The Binance Coin (BNB) price surged as much as 4% during the past 24 hours to reach a new all-time high of about $958 during the mid-North American session. As a result, BNB overthrew Solana (SOL) to become the fifth most valuable digital asset.
The BNB price reacted positively on news that the DoJ is considering ending its compliance monitoring on Binance exchange. Moreover, Binance Co-founder Changpeng Zhao has been bull-posting, to the extent of referring investors to BNB.
The BNB price surge to a new ATH is also fueled by robust fundamentals for Binance. For instance, BNB has been adopted by several publicly traded companies as a treasury management tool.
The Binance ecosystem has recorded significant growth, fueled by favorable crypto regulations. For example, Binance recently announced a strategic partnership with Franklin Templeton.
The recent BNB price surge to a new ATH has been in the making since the beginning of this year. According to crypto analyst Rand on X, BNB price will hit and surpass $1000 before the end of this year.
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