Noticeable is that the price increase of BNB in November 2021 coincides with a similar price change for Ethereum (ETH) - a cryptocurrency where BNB initially originated in 2017 before coming on its own years later.īNB's history: From reward token in 2017 to an ecosystem after 2019As the name suggests, Binance Coin or BNB originally started as an extension of the trading platform - the most used cryptocurrency exchange in the world. Regardless, Binance Coin ranked in the top 10 most expensive cryptocurrencies in 2022. dollars - a value that very different to the all-time high of 600 U.S. In June 12, 2023, for example, a single BNB coin was worth more than 235.20 U.S. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.The price of the native coin from BNB Chain (formerly BSC) grew by 50 percent in late 2021 but was much lower in 2022. However, the US’s approach to this is simply wrong and unproductive and achieves little bar driving crypto off US shores and into the hands of territories which welcome it with open arms.ĭisclaimer: This article is provided for informational purposes only. In light of the recent events in the crypto industry – recall the spectacular failures of FTX, we cannot live under the illusion that the industry can go on unregulated. The agency is certainly doing substantial damage to the US crypto industry, but the crypto market at large will not be taken down. ![]() The SEC and all its might may continue to slap the industry with a barrage of claims, but it seems unlikely that it will manage to bring the industry down. Binance lawyers allege that Gensler offered his services as an advisor to the exchange in 2019.Īlthough merely reports at the moment, the allegations undoubtedly damage Gensler and call into question his intentions as Chairman of the securities regulator. Did Gary Gensler Offer His Services to Binance?Ī surprising report emerged this week amid the chaos when CNBC revealed that Gensler had a series of conversations with Binance officials and its CEO, Changpeng Zhao. The market appeared to recover ever so slightly by Sunday morning, but the “ bloodbath” continues. Amid the dire market conditions, Singapore-based crypto exchange announced it would suspend its institutional exchange service for US customers.Ĭompared to the broader market, Bitcoin was only trading down only 5% to its lowest level since March and was trading hands at around $25,000. ADA was trading down by as much as 25%, while SOL and MATIC also saw double-digit losses. Undoubtedly fuelled by Robinhood’s delisting announcement, the crypto alt market saw significant declines. Alt-Market Reacts to Robinhood DelistingĪlthough the market did not react as much as expected during the week, it did see a dramatic plunge on Saturday. The agency’s naming of these tokens as securities did, however, cause panic in the market and spurred trading platform Robinhood to delist MATIC, SOL, and ADA from its platform come June 27. The SEC listed Polygon (MATIC), Cardano (ADA), Solana (SOL), Cosmos Hub (ATOM), Filecoin (FIL), Decentraland (MANA), Algorand (ALGO), The Sandbox (SAND), Coti (COTI), and Axie Infinity (AXS). However, Gensler’s SEC made allegations in its suit against Binance, which labelled several popular cryptocurrencies unregistered securities. ![]() However, Bitcoin and the broader market held steady throughout the week. Leading the agency in its crusade is Gary Gensler, a man who has made his views of the industry no secret.įollowing the SEC’s lawsuits against the exchanges, the market was expected to react severely, and the prices would plunge. ![]() ![]() The US SEC made its position against crypto known this week when it launched severe regulatory action against Binance, the world’s largest crypto exchange, and Coinbase, the largest crypto exchange by trade volume in the US. The agency’s scare tactics may succeed in the US, but it struggles with the overall market. The regulatory action against the two biggest crypto exchanges has made it clear: the SEC, led by Chairman Gary Gensler, wants to end the crypto industry.
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