While that is a real possibility, there is still the other side of the coin where Binance might get over its current situation. A classic example is the thousands of jobs that will reportedly be lost if that happens. However, the impact would likely be severe. If Binance US gets booted, there is still the global version of the exchange. This reflects the shift that has occurred now that most US based users have pulled back from using Binance. For example, the exchange exceeded $10 billion in trading volume and has since dropped to below $20 million. The lengthy battle between Binance US and the SEC has already had a negative impact on its operations. Perhaps the biggest challenge right now is that Binance’s struggles might lead to its exit from the US market if it fails to meet the SEC’s requirements. The short answer is that it is indeed the negative publicity that could crush the prevailing demand.īNB’s current scenario is reminiscent of how XRP struggled with low demand before the court’s ruling. But the real question is whether BNB holders and traders are at risk of more bearish activity. Real-time and historical cryptocurrency prices, charts, trends, and market capitalizations for over 100 crypto coins, tokens, and altcoins on Binance.US. Source: TradingView Is BNB’’s price action headed for a rockier path?īNB’s price revealed the lower market confidence on account of Binance’s current issues. The weighted sentiment metric was at its lowest weekly point at the time of writing. Its on-chain data already confirms that BNB holder confidence has been declining since its 12 September peak. US executives leave amid regulatory scrutiny, FTX receives court approval to start liquidating crypto assetsīNB traders are now concerned that the aforementioned woes might suppress the cryptocurrency’s performance. $1 Trillion asset manager enters spot bitcoin ETF race, Binance. The exact Binance. Pressure and scrutiny from the SEC have further exasperated the situation. These resignations were reported at a time when Binance US has been facing some tumultuous times. The Binance US CEO, head of legal and its Chief Risk Officers were among the executives that recently resigned. Is your portfolio green? Check out the BNB Profit Calculator On top of that, the crypto exchange recently lost multiple executives. BNB confidence dropped as multiple Binance US executives resigned.īNB holders are exercising caution with the cryptocurrency amid the ongoing standoff between the SEC and Binance US.Binance US found itself in a pickle as the SEC pushes the pedal on regulatory scrutiny.
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