The price of BNB rose nearly 3% over the last 24 hours after Bloomberg reported that Binance is moving toward a potential deal that would end a a key compliance requirement from the exchange’s 2023 settlement with the U.S. Department of Justice.
BNB, which offers discounted trading fees on the exchange, was recently trading near $950 after failing to decisively push through it on a rally that started after the report was published. The court-appointed monitor was appointed as part of Binance’s $4.3 billion settlement over anti-money transmitting violations.
The move would follow a growing trend inside the DOJ, which has already released at least three other firms, including an arm of U.K. lender Natwest Group and shipbuilder Austin, from similar oversight after they agreed to enhanced reporting requirements.
If finalized, the deal would likely require Binance to adopt stricter internal reporting systems. The DOJ has not made a final decision, according to Bloomberg, and the Treasury Department’s own monitor over Binance would remain in place for now, the report adds.
BNB’s price rose as high as $963 in today’s trading session, its highest level in months, before settling back. Trading volumes also spiked.
The rise allowed BNB to outperform the wider crypto market, which has been treading water ahead of the Federal Reserve’s interest-rate decision due later Wednesday . The CoinDesk 20 (CD20) index is up 0.8% in the past 24 hours.
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