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As Binance is under regulatory scrutiny in Israel, what could this mean for the value of the BNB token?

By: Invezz

BNB BNB/USD is a cryptocurrency that Is used as a means of paying for transaction and trading fees on the Binance cryptocurrency exchange.

It is a utility token, and holders of the token can pay fees at a lower rate than they would be with other tokens.  The token was initially created on the Ethereum blockchain but transitioned to its native blockchain in 2019, known as the Binance Smart Chain.

However, the Binance Smart Chain rebranded in 2022 to the BNB Chain, and Binance also changed the name of the native cryptocurrency token, which was formerly known as Binance Coin. Now it’s simply called BNB.

Regulatory scrutiny and its impact on the BNB token

On January 29, we covered if you should buy BNB after the merge with the affiliate content program.

That said, the cryptocurrency exchange Binance is under investigation as of February 18. In fact, the SEC is investigating two entities that act as Binance U.S. trading affiliates. These are Sigma Chain AG and Merit Peak Ltd, which fill the role of market makers, trading cryptos on the Binance U.S. platform.

The issue here for the SEC relates to a lack of disclosure, with both entities having ties with Binance CEO Changpeng Zhao. However, on Thursday, there was news of Israel’s Capital Market Authority (CMA), who, according to Globes, requested clarification on Binance activities in Israel.

These clarifications have been asked on the types of services it provides to citizens and the licenses under which it operates. 

Binance has actually not submitted any license application to allow operating in the country, and as a result of the request, Binance stopped all activities, including marketing. This can potentially have an impact on the overall value of the token.

Should you buy BNB (BNB)?

On February 18, 2022, BNB (BNB) had a value of $410.

In order for us to truly see what this value point means for the BNB cryptocurrency token, we will be going over its ATH point of value alongside the performance it showcased in January.

The all-time high value of BNB (BNB) was on May 10, 2021, when the token reached a value of $686.31. This means that at its ATH, the token was $276.31 higher in value or by 67%.

When we go over the performance of the token throughout the previous month, BNB (BNB) had its highest point of value on January 3, when it reached $531.72.

Its lowest value point was on January 24, when it decreased to $342.24. This marked a decrease in value of $189.48 or by 35%.

However, from January 24 to February 18, the token saw an increase in value of $67.76 or by 19%.

With this in mind, BNB can either reach $450 by the end of March, assuming the exchange resolves the issues it is currently facing; however, if it decreases under $400, then it should be reconsidered.

The post As Binance is under regulatory scrutiny in Israel, what could this mean for the value of the BNB token? appeared first on Invezz.

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