Search Engine Loud
No Result
View All Result
Monday, June 5, 2023
  • Login
  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O
  • News
subscribe
  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O
  • News
subscribe
Search Engine Loud
Home News

Binance Coin Price Prediction as CFTC Sues Binance – Is This the End of Binance Crypto Exchange?

by poshak walia
March 29, 2023
in News
0
Binance Coin Price Latest News
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

Binance Coin Price Prediction as CFTC Sues Binance – Is This the End of Binance Crypto Exchange?

 

The announcement that the CFTC has filed a civil enforcement action against Binance and its CEO, Changpeng Zhao, has caused the price of Binance Coin (BNB) to plummet 5% in the last 24 hours, falling to $310.

While the exchange token has increased by 2.5% over the past 30 days and by 26% since the year’s beginning, BNB has decreased by 7.5% in the last week to $310 as well.

Several charges have been made by the CFTC against Binance, including that the exchange allowed derivatives trades for US users without requiring proper registration and that it did not require customer identity verification before allowing trading on the site.

The exchange has strongly reacted to the regulator’s claims, so it’s far from certain that it faces an existential threat. Still, the CFTC is pursuing harsh penalties for Binance, including “permanent trading and registration restrictions.”

Binance Coin Price Prediction as CFTC Sues Binance – Is This the End of Binance Crypto Exchange

 

In other words, the current decline in BNB won’t end until the 30-day crosses meaningfully below the 200-day, which might not occur for another week or so.

As a result, the price of BNB may soon drop below $300 on the market. As of March 11, the coin’s price was as low as $275.

If we accept the CFTC’s accusations at its value, the situation for Binance and its BNB coin might become considerably worse.

 

These claims include the following:

  • Customers and employees of Binance have been told to circumvent CFTC compliance measures.
  • Although it sought out and provided services to US-based consumers, the exchange purposefully designed its operations to circumvent US registration requirements.
  • Zhao used the Binance trading platform to conduct insider trading through over 300 different Binance accounts.

 

If accurate, this last assertion is particularly devastating, and many cryptocurrency enthusiasts have already fiercely criticised the exchange for it.

The charges are so serious, in fact, that many industry experts now appear to believe that the regulator has a possibility of seriously harming Binance’s operations.

But, Zhao has already written a blog post disputing the CFTC’s allegations, and Binance has started to defend its position in reaction to the regulator’s move.

Yet if the CFTC prevails in its legal battle, Binance would be faced with an existential danger to its company as well as some hefty financial fines.

If so, BNB is probably going to fall considerably more than it is right now, albeit it is still very early in the process, so it would be foolish to place a strong wager in either direction.

And even if BNB is headed for a rough ride, the market may also end up being affected, as shown by the SEC’s Wells notice issued against Coinbase.

It appears that US regulators have made the decision to take a strong stance against most of the industry, which might have a detrimental effect on prices across the board.

Coinbase has reacted vehemently to the SEC’s allegations against it, similar to (or perhaps even more so than) Binance, so only time will tell.

 

Is Now a Good Time to Buy BNB?

 

Given that Binance is currently facing legal action, it is probably not a good idea to purchase BNB at this time. BNB could experience further declines over the next several days and weeks.

Due to the abundance of high-potential tokens that are now demonstrating promise, traders seeking significant gains may choose to focus on other coins at the time.

The top 15 cryptocurrencies to watch in 2023 have been chosen by the Cryptonews Industry Discussion team in order to achieve this.

Every week, new altcoins and ICO projects are added to the list.

Crypto Exchange is a new concept in the market and we are the leading Crypto Exchange Development Company. We provide the best Crypto Exchange Platforms to our customers.

 

(Visited 7 times, 1 visits today)
Tags: Binance CoinBinance Crypto ExchangeCrypto ExchangeCrypto exchange development companycrypto token development

Related Posts

Bitcoin Price Prediction as Digital Asset Firm CEO Says He’s “More Bullish Now Than I’ve Ever Been” – Bitcoin to $100,000 This Year?

May 15, 2023

New Filing Reveals Trump Earned Up to $1 Million from NFT Sales – Here’s What You Need to Know

April 17, 2023

Bitcoin Price Prediction as $10 Billion Trading Volume Comes In – Where is BTC Heading Now?

April 17, 2023

Ethereum’s Shanghai Upgrade Is Complete, Starting New Era of Staking Withdrawals

April 13, 2023

Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: April 

April 13, 2023

Byepix Metaverse provides endless possibilities, from building virtual homes and businesses to exploring new worlds.

April 13, 2023
  • Trending
  • Comments
  • Latest

Ethereum’s Goerli Testnet is Now Live with Scroll’s zk-EVM Layer 2

March 3, 2023

ChatGPT Saved Rs 90 Lakh by Writing a “Scary” Email to Ghosted Consumers!

April 17, 2023

Listed Crypto Company Robinhood Receives SEC Subpoena For An Investigation

March 3, 2023

A Detailed Guide: White Label Crypto Exchange

0

Future of Web 3.0 in Banking Sector

0

Web 3.0 vs. Metaverse: What’s the difference?

0

Bitcoin Price Prediction as Digital Asset Firm CEO Says He’s “More Bullish Now Than I’ve Ever Been” – Bitcoin to $100,000 This Year?

May 15, 2023

New Filing Reveals Trump Earned Up to $1 Million from NFT Sales – Here’s What You Need to Know

April 17, 2023

Bitcoin Price Prediction as $10 Billion Trading Volume Comes In – Where is BTC Heading Now?

April 17, 2023

Recent Posts

Bitcoin Price Prediction as Digital Asset Firm CEO Says He’s “More Bullish Now Than I’ve Ever Been” – Bitcoin to $100,000 This Year?

May 15, 2023

New Filing Reveals Trump Earned Up to $1 Million from NFT Sales – Here’s What You Need to Know

April 17, 2023

About Us

  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O

Our Categories

  • Blockchain
  • Industry 4.O
  • Metaverse
  • Startups
  • NFT

Please Subscribe

  • Home
  • News
  • Contact
  • Privacy Policy
  • Blogs

© 2023 Search Engine Loud

  • Home
  • Startups
  • Blockchain
  • NFT
  • Metaverse
  • Industry 4.O
  • News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In