![]() ![]() Reuters published a report that analyzed court records, spoke with law enforcement, and worked with blockchain analysis firms Chainalysis and Crystal Blockchain to track illicit funds on Binance, claiming the exchange has become a "hub for hackers, fraudsters and drug traffickers."īinance pushed back on the report's various claims, telling Forbes the report is a "woefully misinformed op-ed that uses outdated information from 2019 and unverified personal attestations. This week, Binance was also hit by accusations it was the vehicle for the laundering of at least $2.35 billion in illicit funds. Ripple remains locked in a long-running legal battle with the SEC though the price of XRP has recovered. In late 2020, the SEC sued crypto company Ripple, alleging it broke securities rules when it sold its XRP XRP cryptocurrency, crashing the XRP price. The BNB price has crashed along with bitcoin, ethereum and other major cryptocurrencies in recent months, losing more than half its value since late last year. "Whilst the SEC investigates Binance all eyes are now on the brand themselves who seem to be lacking transparency across entities as it is unclear how Binance is related to other brands falling under the same umbrella," Kormanyos said, pointing to a myriad of legal and regulatory challenges faced by Binance over the last year and the relationship between Binance and its U.S. The BNB price has rocketed higher since its launch in 2017, surging along with the bitcoin and. After the high was reached, BNB decreased by 84 over 329 days. This level remained BNB’s all-time high until April 2019. This culminated with a high of 25.18, which was reached on Jan. ![]() BNB followed that up by increasing a massive 4,936 in only 67 days. Sign up now for CryptoCodex -A free, daily newsletter for the crypto-curious MORE FROM FORBES Report Reveals Game-Changing White House Crypto Plans That Could Have A Serious Bitcoin And Ethereum Price Impact By Billy Bambrough The first market cycle for BNB began with a low of 0.50 on Nov. Binance traders using BNB to pay fees get a discount on the exchange. ![]() News of the investigation sparked a 10% drop in the BNB price, which has since slightly rebounded.īinance's BNB white paper, published ahead of its launch, said 85% of the funds raised in the ICO would be used to build and promote the Binance platform. The probe into Binance and BNB is likely months away from any conclusion, a person familiar with the matter told Bloomberg. Since the 2017 initial coin offering (ICO) boom, which saw a flood of companies look to raise money by issuing cryptocurrencies, the SEC has brought dozens of enforcement actions over ICOs. Kormanyos argues crypto exchanges use fundraising and trading products similar to traditional finance while claiming they should be treated differently by regulators. At the time of this writing, BNB sits among the top ETH tokens by market cap."The very object of the SEC investigation, Binance's BNB, is a prime example of potential conflicts of interest and market fairness issues," Zoltan Kormanyos, general counsel at international broker comparison website BrokerChooser, said in emailed comments, adding the SEC probe "reinforces the trend" the comparison site identified in its research into bitcoin and crypto exchanges. BNB is also paired with multiple currencies on Binance's exchange platform, giving it value as a medium of exchange. Binance plans to eventually reduce the total supply by half by way of buying back and burning a portion of the remaining public supply each quarter using 20% of the company's profits.īNB can be used to pay for fees within the exchange at a discounted rate, which starts at 50% on the first year and decreases as Binance buys back half the tokens in supply. BNB was launched during the company's ICO in July 2017, with 100 million tokens Show more ld to the public (out of a total 200 million). In the last 24 hours BNB price has moved 1.4342 USD or 0.01 while 141,565,269 USD worth of BNB has been traded on various exchanges. At present, it has risen to the top ranks among exchanges by trade volume.īinance Coin (BNB) is an ERC20 token on the ETH blockchain that is issued by Binance to fuel its ecosystem. The live price of Binance Coin (BNB) today is 242.448 USD, and with the current circulating supply of Binance Coin at 153,856,628.76 BNB, its market capitalization stands at 37,302,177,992 USD. Being a global exchange, it also offers a wide selection of altcoins. Binance is a cryptocurrency exchange that has enjoyed popularity since its fairly recent launch in 2017 due to its low trading fees and fast transaction processing. ![]()
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