By Shelly Melancon (Switzerland)
Once again, BNB has surged remarkably high in the crypto market as it has risen earlier today to about $502. This is not the first time the coin is performing this feat as it crossed the five hundred dollars price line some weeks ago. However, it failed to maintain that altitude and subsequently fell. Its recent rise to this current price is a positive development for the token which appreciated by 8.42 percent on the market. The current market price of BNB puts it at about thirty percent to reach its all-time high of $690 recorded on the 10th of May. Such a significant increase has helped boost the confidence of users and traders of the token. Several events can be associated with this rise and can even be the basis of its recent upsurge.
One of such events is the authorization of Richard Teng as the Chief of Binance in Singapore. Of course this move would mean a more energized level of administration and a renewed intention to deliver efficient services to customers. It is also in line with the recent developments which the platform has been experiencing. Traders familiar with the recent crypto events would attest that Binance is currently in an unfavorable position in cryptocurrency regulators in different countries of the world. These regulators are beginning to scrutinize and question several activities and operational processes involved within the platform. Regulations also put in place by various countries and their respective bodies have been reported flouted by this exchange. As a result of this, the platform is willing to adhere to and be more compliant with rules and restrictions.
The appointment of Teng who served at Singapore Exchange as the Chief Regulatory Officer for a while is aimed at turning the tides in their favour. This expert who also worked for Abu Dhabi Global Market as the head of their regulatory authority would help the exchange achieve a state of compliance with set regulations. This is done to ensure the continuous running and use of the Binance exchange in various countries of the world without the threat of suspension or eviction. For users of the platform, a new sense of confidence and assurance has been gained knowing the steps which the exchanges are taking to comply with the financial laws of the countries within which they operate.
Binance And Traders’ Satisfaction
Apart from the platform’s desire to comply with regulations, mandatory KYC ( know your customer) processes have been introduced for new users and traders to guarantee maximum safety and security. Existing investors would also have to update their personal information on the platform with a verification process for their continued usage and satisfaction. The platform also intends to introduce two new crypto pairs for trading on the Binance peer to peer platform. This is to ensure that customers are allowed to explore several digital assets while using the platform giving them more chances of trading success.
At Tokenhell, we help over 5,000 crypto companies amplify their content reach—and you can join them! For inquiries, reach out to us at info@tokenhell.com. Please remember, cryptocurrencies are highly volatile assets. Always conduct thorough research before making any investment decisions. Some content on this website, including posts under Crypto Cable, Sponsored Articles, and Press Releases, is provided by guest contributors or paid sponsors. The views expressed in these posts do not necessarily represent the opinions of Tokenhell. We are not responsible for the accuracy, quality, or reliability of any third-party content, advertisements, products, or banners featured on this site. For more details, please review our full terms and conditions / disclaimer.