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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

BNB Remains Under Pressure As Regulators Crack Down On Binance

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
Binance BNB

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BNB, the native currency of the Binance ecosystem, remains under pressure as regulators continue questioning the exchange’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. 

Binance, which is one of the popular cryptocurrency exchanges, is under pressure from regulators with agencies, mainly from the United States, questioning the ramp’s compliance with local laws. The effect on the crypto market has been visible but particularly pronounced on BNB, that’s currently lower and trailing other crypto assets, including Ethereum and Dogecoin.

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CoinMarketCap data indicates that 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. 

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 sued Binance US, three related entities, and two of the exchange’s executives, including Changpeng Zhao, its CEO, for violating the country’s trading laws. 

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. 

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Binance Coin (BNB) Sees Slight Recovery After Brief Fall Amid CFTC Lawsuit

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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.

BNB Price On April 6| Source: BNBUSDT On Binance, TradingView
BNB Price On April 6| Source: BNBUSDT On Binance, TradingView

Besides the CFTC, other regulators are taking action against the exchange. On April 6, the Australian Securities and Investments Commission (ASIC) canceled Binance Australia Derivatives’ license at the exchange’s request.

The exchange has been ordered to close all its client’s open derivatives positions by April 21. This comes less than a week after the Australian regulator considered whether they should cancel or suspend Binance’s license. 

Dubai’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
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. 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.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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