Binance Coin showcases positive movement in crypto market

Highlights 

  • Binance Coin (BNB) is a cryptocurrency issued by one of the biggest cryptocurrency exchanges globally, Binance.
  • Binance Coin was trading at US $497.05 with a 24-hour trading volume of $3,43,45,78,379 according to CoinMarketCap.
  • On Monday, strongly objected to the claims of market manipulation by stating that it has never traded against the users nor manipulated the market.

Binance Coin (BNB) is a cryptocurrency issued by one of the biggest cryptocurrency exchanges globally, Binance. Founded by Changpeng Zhao in 2017, Binance Coin is used to buy goods and services and pay transaction fees on the Binance Smart Chain. The token enables more than 1.4 million transactions per second and aims to become the infrastructure services provider for the entire blockchain ecosystem.

Binance Coin (BNB) has had a healthy morning on Tuesday, as it was amongst the top 10 coins in the last 24 hours. BNB, which is ranked 4th on CoinMarketCap, was trading at US $497.05 with a 24-hour trading volume of US $3,43,45,78,379. At the time of writing (BST 8:15 am), BNB was up by 3.58% in the last 24 hours. BNB currently has a live market cap of US $83,68,04,08,318.

One of the advantages of Binance Coin is that it offers the users a 25% discount in brokerage fees while trading on the Binance platform. Binance Coin has seen incredible growth since its 2017. Experts often see it as a high performing coin assuming the supply stays intact. With the Binance platform providing the facility to launch several new cryptocurrencies, it gives BNB users more options to trade in them. In a way, it helps BNB as it will ensure an increase in price for BNB, making it an excellent investment opportunity both in the short-term and long term. 

Binance’s regulatory troubles

The company has been under the microscope for quite some time now. More than half a dozen national regulators have issued investigations cautioning the investors not to invest in the company. In fact, UK’s financial regulator Financial Conduct Authority’s (FCA) clampdown on Binance when they asked the world’s largest cryptocurrency exchange to stop its regulated activities. The FCA had asked Binance to stop promoting its financial activities on social media platforms, websites, and mobile applications. 

On Friday, Binance said that it had taken measures to strengthen the background checks on customers to reduce the cases of money laundering. The users will have to complete a mandatory verification process to access its products and services, and those who don’t do so will not be able to withdraw funds or close positions.

Binance strongly denies market manipulations charges

Binance has also strongly objected to charges of market manipulation against them by stating that it has never traded against the users nor manipulated the market. The issue was flagged post a pseudonymous Twitter user posting that Binance is involved in such activities and purposely pumps or dumps prices for profit. The user claimed that he has multiple video and audio files as proof of this. 

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