Binance (BNB) Surges 15% Amid Regulatory Woes

Binance (BNB) Surges 15%
  • BNB price keeps rising despite Binance’s regulatory woes.
  • The token surged over 15% in the last two weeks.
  • Also, BSC recently surpassed 2 million staked BNB.

Top-ranking cryptocurrency, BNB has continued to surge despite negative press. Specifically, BNB is the native token for under fire crypto exchange Binance.

To clarify, Binance exchange has received a lot of bad press recently. This is because the exchange has been under fire for failing to meet regulatory compliance in several countries. In fact, regulatory authorities in Thailand went as far as filing a criminal complaint with the Kingdom’s Royal Thai Police (ECD). 

In addition, the UK, the Cayman Islands, Japan, among other countries have all flagged the exchange for operating without proper licensing. In line with this, the top exchange left Ontario province in Canada amid a regulatory crackdown. Several banks have also banned clients from using the exchange citing security concerns.

However, all this has not affected BNB price as the token continues to surge. In fact, over the last two weeks, BNB price has gone up by 15.4%. An upward trend the top token has managed to sustain since then. 

Presently, BNB price charts show a series of increasing rising ascending scallops. This is a bullish trait that means the token is likely surge further. 

In fact, the token is currently down 50% from its all time high two months ago. On May 10, BNB surged to $686.31 but subsequently slumped along with the rest of the crypto market a few days later. However, BNB is currently outperforming the market as the rest of the crypto top 10 is still trading negatively. 

For instance, over the last week top crypto Bitcoin is down 3.1%. Similarly, top altcoin Ethereum is down 7.8% over the same period. In fact, the only other top 5 crypto that managed to trade upward over the last week is Tether.

One reason why BNB is performing so well is because BNB is also the native token for the Binance Smart Chain (BSC).

BSC is the Binance blockchain network that supports smart contract based applications. In addition, BSC runs independantly from the Binance Chain. Of note, the Binance exchange is on top of Binance Chain. As such, BNB enjoys high utility across the broader Binance ecosystem. Also, BSC recently reported that BNB staking on the network recently surpassed 12 million BNB.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

CryptoNewsLand (CNL) is a one-stop online crypto news website that offers the latest happenings in the crypto world.