Breaking: Binance Nears Deal With U.S. DOJ To Drop Compliance Monitor, BNB Reaches New ATH

Crypto exchange Binance is close to a deal with the U.S. Department of Justice to end the compliance oversight as part of the $4.3 billion settlement in 2023. Meanwhile, the BNB price has rallied to a new all-time high (ATH) on the back of this development.

Binance And DOJ Near Deal To Drop Compliance Oversight

According to a Bloomberg report, the crypto exchange is nearing a deal with the DOJ that would allow it to drop the oversight requirement, which was part of the settlement over an investigation into violations related to the Bank Secrecy Act (BSA) back in 2023.

Federal Prosecutors are reportedly in discussions with Binance over what will now be the requirement for it to maintain an external compliance monitor. It is worth noting that as part of the settlement back then, the top crypto exchange agreed to retain an independent compliance monitor for three years in a bid to enhance its anti-money laundering and sanctions compliance programs.

This marks another shift under the pro-crypto Trump administration, as the DOJ has softened its approach to independent oversight. As a result, the DOJ has reportedly eliminated several monitors that the Biden administration appointed.

Meanwhile, the BNB price has reached a new all-time high (ATH) on the back of this report. TradingView data shows that the altcoin is currently trading above $950, up over 3% in the last 24 hours and up almost 2% following the report.

DOJ Still Yet To Make A Final Decision

The report also revealed that the DOJ has yet to decide on the monitorship, which is meant to last until 2026. Binance may have to adopt enhanced compliance reporting requirements before the Justice Department drops the compliance monitor.

If the DOJ eventually agrees to drop the compliance monitor, it would mark a huge win for the crypto exchange. The guilty plea back in 2023 and $4.3 billion settlement, which is one of the largest in U.S. corporate finance history, marked a pivotal period for the exchange.

Binance co-founder Changpeng “CZ” Zhao had to step down from his role as CEO and served a four-month sentence in prison. It is worth mentioning that CZ had revealed earlier in May that he had applied for a presidential pardon from Trump.

Polymarket data shows that CZ is currently at the top of the list of those that the U.S. president may pardon. There is currently a 55% chance of that happening.

CZ continues to promote Binance and its products actively, and recently advocated for banks to adopt BNB following its rally to a previous ATH.

Meanwhile, crypto analyst CryptoCondom stated that BNB could record more gains as the market begins to price in a CZ pardon. He also alluded to the possibility of the crypto exchange reentering the U.S. market and filing for an IPO.