Binance Token Hits Year-Low Amid Escalating Regulatory Heat
Binance token (BNB) is inching closer to its lowest price point in over a year. The token faced a dip of up to 3.6%, settling at $210.2 on Tuesday. This latest setback contributes to a 15% loss for the year, despite Bitcoin’s noteworthy 50% surge since December. With a market capitalization of roughly $32 billion, BNB holds the position of the fourth-largest cryptocurrency. A significant factor in BNB’s value proposition lies in the trading-fee discounts it offers to BNB users.
Binance.US has faced a significant exodus of customers, while regulatory agencies like the US Commodities Futures Trading Commission have also taken actions. The US Department of Justice’s investigation, as reported by Bloomberg News, further compounds Binance’s woes. However, the cloud of legal challenges has been casting a shadow over Binance and, consequently, BNB. In June, the US Securities and Exchange Commission (SEC) launched a lawsuit against BNB and its American affiliate, Binance.US, citing potential securities law violations. Although BNB’s founder Changpeng Zhao and the platforms have refuted these allegations, the fallout has been palpable.
Source
https://t.me/Bitcoin_Crypto_Coin_Calendar
