Binance Nears DOJ Deal, BNB Price Hits New Record High

Binance is close to reaching a deal with the U.S. Department of Justice to end compliance oversight from its ties to its $4.3 billion 2023 settlement over the Bank Secrecy Act (BSA) violation.

Federal Prosecutors are in discussions with Binance about what rules it must follow to maintain an external compliance monitor, which the exchange had agreed to keep for three years to improve anti-money laundering and sanctions compliance.

As part of easing its approach to independent oversight, the DOJ has removed several monitors appointed under Biden’s administration, marking another shift under the pro-crypto Trump administration.

The news pushed the BNB price to a new record high, trading above $950, up more than  3% in the past 24 hours and nearly 2% since the report, according to TradingView data.

Binance Awaits DOJ Ruling Amid CZ Pardon Speculations 

The Justice Department has not yet decided on Binance’s monitorship, which runs until 2026. Meanwhile, the exchange may need to strengthen its compliance reports before removing the oversight.

The DOJ’s decision to drop compliance oversight would be a big win for Binance, following the 2023 guilty plea and $4.3 billion settlement, a major turning point for the exchange, which saw its co-founder and CEO, CZ, step down and serve four months in prison.

In May, CZ disclosed that he applied for a presidential pardon from Trump, and Polymarket data shows that he is the top candidate with a 55% chance. As of now, he continues to promote Binance and recently encouraged banks to use BNB after its rally.

Crypto analyst CryptoCondom said that BNB could rise further as the market factors in a possible CZ pardon and hinted Binance might return to the U.S. and pursue an IPO.