{"id":525883,"date":"2023-04-06T15:00:16","date_gmt":"2023-04-06T15:00:16","guid":{"rendered":"https:\/\/wncen.com\/?p=525883"},"modified":"2023-04-06T12:31:45","modified_gmt":"2023-04-06T12:31:45","slug":"bnb-remains-under-pressure-as-regulators-crack-down-on-binance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/binance-coin\/bnb-remains-under-pressure-as-regulators-crack-down-on-binance\/","title":{"rendered":"BNB Remains Under Pressure As Regulators Crack Down On Binance"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">BNB, the native currency of the Binance ecosystem, remains under pressure as regulators continue questioning the exchange&#8217;s operations and compliance with local laws.<br \/>\n<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">BNB Falls 10% From March 2023 High<br \/>\n<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">After rising nearly 60% from December to March 2023, reaching as high as $345, BNB is down roughly 10% in the last trading day.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Binance, which is one of the popular cryptocurrency exchanges, is under pressure from regulators with agencies, mainly from the United States, questioning the ramp\u2019s compliance with local laws. The effect on the crypto market has been visible but particularly pronounced on BNB, that\u2019s currently lower and trailing other crypto assets, including Ethereum and Dogecoin.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/stablecoin\/over-18-billion-usdt-held-in-binance-bull-run-incoming\/\">Over $18 Billion USDT Held In Binance, Bull Run Incoming?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">CoinMarketCap data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/coinmarketcap.com\/currencies\/bnb\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">indicates<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that BNB is the third most valuable cryptocurrency when USDT, a stablecoin, is excluded. BNB has a market capitalization of $49.1 billion and is perched at 4th overall.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite regulatory headwinds, BNB is still above XRP, the currency behind the XRP Ledger (XRPL); and ADA, the native coin of Cardano, a smart contracts network. However, BNB trails Ethereum, which has a market cap of $224 billion at spot rates, when writing on April 6.<\/span><\/p>\n<h2><strong><span data-preserver-spaces=\"true\">Regulators Are Questioning Binance<\/span><\/strong><\/h2>\n<p><span data-preserver-spaces=\"true\">On March 27, the United States Commodity Futures Trading Commission (CFTC) officially\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8680-23\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">sued<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0Binance US, three related entities, and two of the exchange\u2019s executives, including Changpeng Zhao, its CEO, for violating the country\u2019s trading laws.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">There could be causation between how BNB prices react and the exchange acting as a target for regulators. The CFTC says Binance is not fully compliant with applicable derivatives regulations and has failed to keep Americans from using the exchange. Moreover, the regulator cited private messages which appeared to show that Zhao and other executives knew that criminal groups use their exchange.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/binance-coin-bnb-sees-slight-recovery-after-brief-fall-amid-cftc-lawsuit\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Binance Coin (BNB) Sees Slight Recovery After Brief Fall Amid CFTC Lawsuit<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">In response to the CFTC lawsuit, BNB fell roughly 6% from around $330 and has yet to recover from those levels. BNB has immediate support at about $300, a psychological reaction line. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Even so, the coin remains within a bullish formation defined by the expansion of prices from mid-March 2023. Based on the BNB candlestick arrangement in the daily chart, the uptrend may resume if prices rally above $350.<\/span><\/p>\n<figure style=\"width: 1147px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/sRERdo6o\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/sRERdo6o\/\" alt=\"BNB Price On April 6| Source: BNBUSDT On Binance, TradingView\" width=\"1147\" height=\"851\"><\/a><figcaption class=\"wp-caption-text\">BNB Price On April 6| Source: <a href=\"https:\/\/www.tradingview.com\/x\/sRERdo6o\/\" target=\"_blank\" rel=\"noopener nofollow\">BNBUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Besides the CFTC, other regulators are taking action against the exchange. On April 6, the Australian Securities and Investments Commission (ASIC) <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/asic.gov.au\/about-asic\/news-centre\/find-a-media-release\/2023-releases\/23-091mr-binance-australia-derivatives-afs-licence-cancelled\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">canceled<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0Binance Australia Derivatives\u2019 license at the exchange\u2019s request. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The exchange has been ordered to close all its client\u2019s open derivatives positions by April 21. This comes less than a week after the Australian regulator considered whether they should cancel or suspend Binance\u2019s license.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Dubai&#8217;s Virtual Assets Regulatory Authority (VARA) also <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-05\/dubai-asks-binance-other-crypto-license-applicants-for-more-information?leadSource=uverify%20wall\" target=\"_blank\" rel=\"noopener nofollow\">requested<\/a> additional information from entities applying for crypto licenses. VARA wants Binance to submit, among other details, ownership structure, and audit procedures.<br \/>\n<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Canva, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BNB, the native currency of the Binance ecosystem, remains under pressure as regulators continue questioning the exchange&#8217;s operations and compliance with local laws. BNB Falls 10% From March 2023 High After rising nearly 60% from December to March 2023, reaching as high as $345, BNB is down roughly 10% in the last trading day.\u00a0 Binance, which is one of the popular cryptocurrency exchanges, is under pressure from regulators with agencies, mainly from the United States, questioning the ramp\u2019s compliance with local laws. The effect on the crypto market has been visible but particularly pronounced on BNB, that\u2019s currently lower and trailing other crypto assets, including Ethereum and Dogecoin. Related Reading: Over $18 Billion USDT Held In Binance, Bull Run Incoming? CoinMarketCap data\u00a0indicates\u00a0that BNB is the third most valuable cryptocurrency when USDT, a stablecoin, is excluded. BNB has a market capitalization of $49.1 billion and is perched at 4th overall.\u00a0 Despite regulatory headwinds, BNB is still above XRP, the currency behind the XRP Ledger (XRPL); and ADA, the native coin of Cardano, a smart contracts network. However, BNB trails Ethereum, which has a market cap of $224 billion at spot rates, when writing on April 6. Regulators Are Questioning Binance On March 27, the United States Commodity Futures Trading Commission (CFTC) officially\u00a0sued\u00a0Binance US, three related entities, and two of the exchange\u2019s executives, including Changpeng Zhao, its CEO, for violating the country\u2019s trading laws.\u00a0 There could be causation between how BNB prices react and the exchange acting as a target for regulators. The CFTC says Binance is not fully compliant with applicable derivatives regulations and has failed to keep Americans from using the exchange. Moreover, the regulator cited private messages which appeared to show that Zhao and other executives knew that criminal groups use their exchange.\u00a0 Related Reading: Binance Coin (BNB) Sees Slight Recovery After Brief Fall Amid CFTC Lawsuit In response to the CFTC lawsuit, BNB fell roughly 6% from around $330 and has yet to recover from those levels. BNB has immediate support at about $300, a psychological reaction line. Even so, the coin remains within a bullish formation defined by the expansion of prices from mid-March 2023. Based on the BNB candlestick arrangement in the daily chart, the uptrend may resume if prices rally above $350. Besides the CFTC, other regulators are taking action against the exchange. On April 6, the Australian Securities and Investments Commission (ASIC) canceled\u00a0Binance Australia Derivatives\u2019 license at the exchange\u2019s request. The exchange has been ordered to close all its client\u2019s open derivatives positions by April 21. This comes less than a week after the Australian regulator considered whether they should cancel or suspend Binance\u2019s license.\u00a0 Dubai&#8217;s Virtual Assets Regulatory Authority (VARA) also requested additional information from entities applying for crypto licenses. VARA wants Binance to submit, among other details, ownership structure, and audit procedures. Feature Image From Canva, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":525884,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83379],"tags":[239,266,10768,11427,1265,1851,88082],"class_list":["post-525883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-binance-coin","tag-asic","tag-australia","tag-binance","tag-bnb","tag-cftc","tag-dubai","tag-vara"],"acf":[],"yoast_head":"\n<title>BNB Remains Under Pressure As Regulators Crack Down On Binance<\/title>\n<meta name=\"description\" content=\"BNB, the native currency of the Binance ecosystem, remains under pressure days as global regulators, including CFTC and ASIC cracks the whip.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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