![]() Protect users’ interests firstīefore there were clear guidelines for the industry, we have always held Binance to the highest standard to prioritize our users’ best interests - a goal that we share with regulators around the world. ![]() Given the recent hyper-focus on regulation when it comes to Binance, I would like to take this opportunity to share our historical background and principles, clarify our stance and commitment, and outline our approach and plans for regulations and the sustainable development of the crypto industry going forward. Within a short period, the crypto environment has drastically grown and evolved: there are now more crypto offerings, an increasing number of first-time crypto users, and a lot more attention and debates on how the crypto industry should move forward. When Binance launched four years ago, the crypto industry was still in its infancy - with few early adopters and no clear standards. Therefore, the bearish environment surrounding Binance Coin might just be a precursor to further gains as its utility on the Binance Smart Chain is bound to increased demand for the digital asset.Binance CEO CZ reflects on our progress over the last four years, the current regulatory environment, and our approach for the road ahead. ![]() Furthermore, network activity is still high with the Binance Smart Chain processing roughly 4.76 million transactions in the last day. The Binance Smart Chain continues to attract new DApps and the migration of those trying to escape the high gas costs of operating on Ethereum. However, the fundamentals surrounding the Binance Smart Chain continue to provide much-needed bullish momentum for Binance Coin (BNB). Secondly, the daily MFI and RSI are dropping from overbought territory thus implying an ongoing correction. To begin with, the daily MACD is about to cross in a bearish manner above the baseline. At the time of writing, Binance Coin is trading at $466 as the digital asset attempts to recover from the dip, and possibly reclaim $500.Ī brief analysis of the daily BNB/USDT chart below reveals that the coin has a brutal few days ahead, at least till the price of Binance Coin touches the 50-day moving average (white) as was the case back in late March.Īlso from the chart, it can be observed that all indicators point towards a bearish few days or weeks for Binance Coin (BNB). More info: īinance Coin (BNB) Drops to $428, But Fundamentals Remain StrongĮarlier today, Binance Coin (BNB) dropped from $518 to a local low of $428 as a result of a crypto-wide dump that resulted in over $10 Billion in liquidations. We have not sold a single #BNB so far, and never intend to. #Binance team had an allocation of 40% of the total supply of #BNB from the ICO days, which is worth just over $37 billion dollars at today's (dropped) prices. This amount of 80 million BNB, is now worth roughly $37 Billion, and the team at the exchange plans to burn it all rather than selling it at a profit.ĬZ shared this information through the following tweet that also provided the blockchain addresses of where the team allocated BNB is kept for tracking purposes. According to CZ, the Binance team was allocated 40% of the 200 million Binance Coin (BNB) minted. The CEO of Binance, Changpeng Zhao, has shared via Twitter a plan to eventually burn all team allocated BNB from the exchange’s 2017 ICO. However, fundamentals surrounding the Binance Smart Chain and BNB remain strong. ![]() Binance Coin (BNB) dropped to a local low of $428 due to the crypto market crash earlier today. ![]() CZ has clarified that all team allocated BNB from the ICO will be burned.The 80 million BNB is now worth $37 Billion.The Binance team was allocated 40% of the BNB minted during the ICO back in 2017. ![]()
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