Binance BNB Sheds Over $10 Billion This Month Amid Regulatory Pressure

Coin Edition
Coin Edition

28 Jun 2023 7:50 AM

Binance's BNB faces setbacks, a $10B loss in market value, as SEC lawsuit and global regulations take a toll. Read more on CE....

  • Binance's native crypto, BNB, has lost $10 billion in market value since June 5.
  • The decline is due to the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Binance for offering an unregistered security.
  • BNB's market value currently stands at $37 billion, down from a peak of $110 billion.
  • Binance is facing regulatory challenges not only in the United States but also in Belgium, the Netherlands, and France.
  • BNB's value is closely tied to the performance of Binance's trading platform and the broader ecosystem.
  • BNB tokens are used for discounts on crypto purchases, comprise 5.2% of customer assets held at Binance, and serve as the native currency of BNB Chain.
  • Binance's global market share has dropped from 64% to 56% since the beginning of the year, and trading volumes on Binance.US have collapsed.

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You May Ask

What caused BNB's significant market value loss?Which regulatory bodies have posed challenges for Binance?How is BNB's value connected to the performance of Binance's trading platform?What are some use cases for BNB tokens?How has Binance's global market share and trading volumes been affected?

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