Coin An's BNB token currently has a market value of approximately $40 billion. Cryptocurrency analysts have stated that due to the risk of BNB being considered a security by US regulatory authorities, it has not been eligible to be listed on major cryptocurrency exchanges in the United States
Coin An's BNB token currently has a market value of approximately $40 billion. Cryptocurrency analysts have stated that due to the risk of BNB being considered a security by US regulatory authorities, it has not been eligible to be listed on major cryptocurrency exchanges in the United States.
Binance is the world's largest cryptocurrency exchange with the highest trading volume, and has been the focus of speculation in the cryptocurrency market in recent weeks. Blockchain observers have previously discovered billions of dollars in deposit outflows, the company's auditors have requested to withdraw, and there have been reports that the company may be under investigation by US authorities.
This concern is clearly reflected in the recent downward trajectory of Binance's internal token BNB: prices fell by about 17% to $245 this month, significantly lower than the CoinDesk Digital Asset Market Index, which fell 5.7%. According to CoinMarketCap data, BNB changed hands at a peak price of $690 in May 2021. The market value of this token has dropped from a record high of $116 billion last year to about $40 billion.
The core concern is whether Coin An will easily lose confidence like the astonishing rapid collapse of SamBankman Fried's FTX exchange in November. It cannot be ignored that when FTX's own FTT tokens began to plummet, FTX showed the first signs of serious difficulties.
Therefore, when cryptocurrency analysts focus on the valuation of BNB tokens, they are carefully examining whether there are any red or yellow markings on the curve of FTT tokens. In hindsight, these markings may make investors aware of the fragility of the market. A key similarity is prominent: just as most FTX FTT tokens have not been listed on major cryptocurrency exchanges in the United States, BNB has not appeared on a large number of US exchanges. (It has been launched on Binance. US.)
Some cryptocurrency analysts speculate that major US exchanges may have avoided listing on BNB due to concerns about conflicts with regulatory authorities. Any regulatory issues may also pose a risk to token holders.
Lucas Outumuro, research director at IntoTheBlock, said in an interview with CoinDesk: "Exchanges may not list BNBs because they see them as a security measure because their network is centralized." "American exchanges may not be worth taking the risk of listing securities, especially if they are competitors' tokens
According to CoinGecko, a digital asset market pricing website, BNB is listed on dozens of cryptocurrency exchanges, including KuCoin, Huobi, and OKX.
The US exchange Kraken lists over 120 tokens, but does not provide BNB to its customers.
Kraken spokesman said, "Kraken is the agnosticism of the crypto market". It "has strong asset selection and listing procedures, which can ensure that assets are properly analyzed and reviewed, including strict compliance, legal and security processes."
A representative of Coinbase, who also did not launch BNB, said, "If we have not yet launched a popular asset, it is likely due to various reasons, including: our conclusion that the asset does not meet our launch standards, we do not have sufficient asset information, additional technical integration work is required, or we do not support networks with given token standards
B2C2 derivative trader Colin Howe wrote in a report on Friday: "BNB will definitely not be in a strong position, and as the thorny issues related to Binance continue, this situation may continue
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