Skip to main content

BNB TO THE TEST: BINANCE TO RESTRICT US TRADING STARTING TOMORROW



Three months ago, the world’s leading cryptocurrency exchange, Binance, announced that it would cut off access to the platform for US-based traders. The new rule is set to come into effect on September 12, which is tomorrow. The question is whether this will put additional pressure on the already suffering Binance Coin (BNB).



Binance Shutting the Door to US-Based Traders Tomorrow



Back on June 14, Tech Tic Technologies reported that the world’s leading cryptocurrency exchange, Binance, would be cutting off access to traders from the United States on September 12. US traders will still have access to their wallets and funds, but they will no longer be able to deposit or trade on Binance.com.
The main reason for the move was to guarantee full regulatory compliance. However, Binance did act quickly and created an alternative for traders who wish to continue using the platform. According to the CEO of the company, Changpeng Zhao, Binance US will boast the same speed and liquidity as Binance.com.
In related news, Binance recently teamed up with Paxos to launch a USD-pegged stablecoin called Binance USD (BUSD).



More Pressure on BNB?



Surely, the news that Binance’s main platform won’t support US-based traders doesn’t do Binance Coin (BNB) any good. Back in June, the price dropped by 7% on the news, and it went downhill from there.


As seen on the above chart, since reaching its ATH in June, the BNB price is down by more than 45%. It appears nothing that the exchange is currently doing is capable of bringing the price up.
The situation is even worse when we observe BNB trading against Bitcoin. In the same period, BNB decreased by upwards of 52% against BTC.

Comments

Post a Comment

Popular posts from this blog

As Australia Burns, Binance Donates $1 Million Worth Of BNB

Australia is in severe pain as massive bushfires spread across the country with a staggering 10 million hectares of land consumed by the ferocious flames, leaving at least 2500 buildings destroyed and 25 people and 500 million animals dead. Binance To Help With Australia’s Distress Many institutions and people from around the world, including foreign governments, private institutions, celebrities, and everyday people, have responded to the country’s current situation by offering prayers, thoughts, and donations to the Australian burnfire relief. One of the latest donations comes from the Binance Charity Foundation, the blockchain-based charity division of the world’s leading crypto exchange Binance. Binance Charity announced January 7 that it had made a $1 million (A$1.45m) worth of BNB donation as a lead for its new charity project, Australia Bushfire Donations, to raise funds for the dire situation in Australia. According to Binance, the funds raised in the new initiat...
Post a Comment
Read more

Legendary Rock Star Gene Simmons Buys Cardano (ADA) Worth $300,000

Famous rock star Gene Simmons continues his cryptocurrency adventure, this time investing $300,000 in Cardano (ADA). Gene Simmons, the legendary KISS bassist, has made another dip into cryptocurrencies. The famous musician has expressed his belief in Cardano, presuming 2021 would be “the most productive year” for the altcoin. Believing in the Future of Cardano Rock star Gene Klein, aka Gene Simmons, has appeared in online social media with yet another pro-cryptocurrency commentary. This time KISS’s legendary bass guitarist has expressed his opinion on Cardano and its native digital coin ADA. In his  recent publication  on Twitter, Simmons explained one of his fundamental personal reasons for  investing  and holding the altcoin. The musician pointed out that he believes in Cardano because of Hoskinson (Charles) – Cardano’s creator and co-founder of Ethereum. In his tweet, the musician expressed his trust in the altcoin hopping on Hoskinson’s envision that 2021 would b...
Post a Comment
Read more

Bitcoin Hash Rate Hits All-Time High: Here’s How It Works And How It Affects The Price

Bitcoin intelligence, data, and analytics firm Glassnode found the Bitcoin hash rate hit a new all-time high over the weekend, ten days before the Bitcoin halving event. In other words, miners are putting more computational power into maintaining the Bitcoin network. Because miners must venture electricity and capital intensive computer processors to mine Bitcoin, the increase in hash rate is a bullish sign. It means miners are after the Bitcoin rewards they get from maintaining the network. And they’re venturing the resources to go after those rewards. Is The Bitcoin Hash Rate Correlated With The Price? In general, the Bitcoin price and the hash rate are not correlated. The price is what buyers and sellers agree to pay for one Bitcoin, and there are many factors – external and internal – affecting the price. However, there is a relation between the two. While the price goes up, it’s more profitable to mine, which likely to cause more miners to turn on their mining equ...
Post a Comment
Read more