Key points:
“BNB is the cryptocurrency coin that powers the BNB Chain ecosystem.As one of the world’s most popular utility tokens, not only can you trade BNB like any other cryptocurrency, you can also use BNB in a wide range of applications and use cases,”
According to Binance’s website.
According to CoinGecko, the digital-asset markets pricing site, BNB is listed on tens of crypto exchanges, including KuCoin, Huobi and OKX. However according to Coindesk, this does not seem to apply on major exchanges in the US, except Binance.US.
The U.S. exchange Kraken lists over 120 tokens but does not offer BNB to its customers.
“Kraken is an agnostic player in the crypto market” and that it “s a robust selection and listing procedure that ensures assets receive the analysis and vetting they deserve, which includes a strict asset compliance, legal and security process.”
A Kraken said to CoinDesk
“If we haven’t listed a popular asset yet, it is likely due to various reasons which may include: We have concluded that the asset does not meet our listing standards , we do not have enough information about the asset, additional technical integration work is required, or we do not support the network for the given token standard.”
A representative for Coinbase, which also has not listed BNB, told CoinDesk.
“BNB certainly is not in a position of strength, which will likely continue as thorny questions regarding Binance remain,”
Collin Howe, derivatives trader at B2C2 in a Friday note.
It may be due to the risks that this Binance’s token could be considered a security by US regulators, crypto analysts say.
The world’s largest cryptocurrency exchange by trading volume, Binance, has been the subject of recent crypto-market speculators after blockchain watchers discovered massive deposit outflows totaling billions of dollars, the company’s auditor refused to cooperate, and rumors that the company may be under investigation by American authorities surfaced.
Such concerns are amply demonstrated by the recent downward trajectory of BNB, the native coin of Binance: The price has dropped by approximately 17% this month to $245. This token traded at $690 at its high in May 2021, based on information from CoinMarketCap. Market valuation for the cryptocurrency has decreased from a record high of $116 billion earlier this year to about $40 billion today.
As updated in a previous article by Coincu News, another FTX exchange’s token, the 2nd largest recorded in the market has crashed recently, FTT has also been banned by the Securities and Exchange Commission and the Securities and Exchange Commission. The US exchange labeled FTX’s FTT token as a security in a complaint.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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