Binance Reportedly Moves $3.9B In Tether Ahead Of Major DOJ Settlement
Portfolio Pulse from Mehab Qureshi
Binance, a cryptocurrency exchange, reportedly transferred $3.9 billion in Tether (USDT) from its cold wallet ahead of a $4.3 billion settlement with the DOJ over money laundering allegations. The transaction occurred on November 9, and the purpose of the funds is unclear. Binance has not commented on the transfer or the settlement, which includes $1.8 billion in criminal fines and $2.5 billion in forfeitures, concluding U.S. investigations into its regulatory compliance.
November 23, 2023 | 4:30 am
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NEUTRAL IMPACT
Binance's transfer of $3.9 billion in Tether (USDT) could indicate preparation for settlement payments, potentially impacting USDT's liquidity and stability.
The transfer of a large amount of USDT by Binance is significant but does not directly indicate a change in the value of USDT. However, it could affect perceptions of liquidity and stability in the short term, as the market may speculate on the reasons behind the transfer and the implications of the DOJ settlement.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70