BNB, the native token of BNB chain, spiked to a new all-time high of $955.36 on Sept. 17 before easing slightly to around $953.31.

The surge came after reports that Binance Holdings Ltd. is in discussions with the U.S. Department of Justice (DOJ) about potentially removing one of the key conditions of its $4.3 billion settlement reached in November 2023.

BNB rally backed by bullish signals

The MACD chart for BNB showed a bullish crossover, with the blue MACD line crossing above the yellow signal line and momentum growing in the positive range. Rising green histogram bars indicated strengthening momentum, suggesting BNB’s rally could extend further.

Sources told Bloomberg that prosecutors are considering dropping the requirement for Binance to maintain an independent compliance monitor, which had been imposed after the exchange pleaded guilty to failing to prevent money laundering.

What happened to Binance?

In November 2023, Binance settled charges with the DOJ, Treasury Department, and Commodity Futures Trading Commission (CFTC) for $4.3 billion. The DOJ accused the exchange of failing to implement adequate anti–money laundering programs, operating an unlicensed money-transmitting business, and violating U.S. sanctions laws.

Founder and then-CEO Changpeng Zhao (“CZ”) pleaded guilty, resigned as CEO, and received a four-month prison sentence. As part of the deal, Binance agreed to oversight from two independent compliance monitors — one for the DOJ and one for the Treasury’s Financial Crimes Enforcement Network (FinCEN).

The DOJ has not yet made a final decision on whether to end the monitorship, but discussions remain ongoing.