The cryptocurrency of the giant trading platform Binance has seen a significant drop in the past week. One of the most well-known digital coins in the world hit a low of $206.2 after falling almost 13%. Since the bull run This is the lowest price of the Build ‘n Build (BNB) cryptocurrency in two years.
Binance coin has lost up to 30% of its value over the past 12 months. At the end of last year, BNB was also nearing this low due to the drop in FTX.
Biggest blow to BNB since SEC indictment
Still, last week wasn’t BNB’s biggest hit this year, it happened two months ago. At that time, the US regulator filed no fewer than 13 charges against Binance. According to the Securities and Exchange Commission (SEC), Binance was not licensed to sell certain cryptocurrencies that the regulator classifies as securities. The world’s largest crypto exchange has also been accused of fraud and market manipulation. The legal dispute between the two parties is not yet over.
Binance’s cryptocurrency is getting heavier and heavier
The falling BNB price is likely related to recent developments on the trading platform. Since the indictment against Binance, the crypto exchange has been struggling and has already been withdrawn from several European countries, including the Netherlands. Also, the giant crypto company recently lost a major payment processing company and shut down its payment service, Binance Connect.
Complaints are now increasing that customers are having problems with EUR transactions. user complain on Twitter about the transaction problems with the euro. In a response, the Binance helpdesk said that direct transfers for the EUR currency are currently on hold. Users are advised to use alternative transaction methods for depositing and withdrawing EUR currencies.
However, at the time of writing, Binance has not made any official announcement on the aforementioned euro issue.
The uncertainties and negativity surrounding the trading platform continue to mount. This leads to a negative reaction of the BNB price. Fans and crypto traders are taking advantage of the fear, uncertainty and doubt (FUD) reflected in the current decline. BNB is still the fourth largest cryptocurrency in the world.