Except for the Binance division in the United States, the Binance in-house token BNB, with a market cap of $40 billion, has been unsuccessful in its bid to be listed on major U.S. cryptocurrency exchanges. Analysts speculate that this is due to the BNB token being viewed as a security or not.
U.S. Exchanges Do Not Want A Connection With The BNB Token
Binance, the largest cryptocurrency exchange by trading volume, has been under the microscope of analysts and observers in recent weeks after an outflow of billions of dollars was detected leaving the exchange.
According to some analysts, the reason U.S. exchanges are so adamant about listing BNB on their exchanges is that they are afraid of being found in violation of the regulations and punished alongside the Binance exchange.
The Binance exchange has had a difficult couple of weeks, with reports describing the current status of the market and some speculating that Binance may be the subject of an investigation.
These events also affected the in-house token, BNB, which took off on a downward trajectory leaving trails of red lines in its wake.
Also read:According to coinmetric and crypto analysis, the token has underperformed with a 17% decline since this month.
Is Binance Suffering Liquidation?
The BNB token had fallen to the $200 mark from the $690 peak it reached in May of last year, as a result of the severe crypto winter, the Luna crash in May, and the most recent FTX crash.
The most current iteration of the token has been categorized in light of the recent FTX crash, where rumors suggest that Binance may also be suffering as a result of the crash of its competitor.
Also noteworthy is the course taken by the FTX exchange before being liquidated. Prior to the FTX exchange downfall, the price of its native token first declined, followed by an outflow from their exchange.
This same pattern can be seen in Binance’s current predicament, where their token has already experienced some drops and a significant outflow from its exchange, both of which were first regarded as unimportant but now appear to be cause for concern.
Additionally, the FTT token and BNB from Binance both failed to be listed on US exchanges.
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.