- Binance’s native token, BNB surges 5.44%.
- Ongoing negotiation with SEC fuels BNB price.
Binance, the leading cryptocurrency exchange, recently experienced a notable surge in its native token, BNB, putting an end to a prolonged downtrend. BNB witnessed a 5.44% spike today, reaching $248.53 USD, delivering a positive boost to the Binance community. The previous month has been a rollercoaster ride for Binance, with significant price fluctuations causing mostly downs in the market. However, today’s surge in BNB price raises questions about whether Binance is returning to a state of normalcy.
BNB PRICE CHART, Source :Tradingview
Binance’s Uphill Battle
This surge in price can be attributed to various factors, including ongoing negotiations with the U.S. Securities and Exchange Commission (SEC) and the reintroduction of Binance’s popular Bitcoin button game.
U.S. District Judge Amy Berman Jackson referred the parties to a magistrate judge to work towards a compromise arrangement that would protect customer funds without necessitating a complete shutdown of the exchange. Her statement, indicating that the two parties were not far from reaching an agreement, further bolstered optimism among investors.
In addition to the regulatory progress, the return of the Bitcoin button game might have helped drive up the price of BNB. This engaging game allows users to compete for a chance to win one Bitcoin and other enticing prizes. By reintroducing this popular initiative, Binance encourages user activity and participation.
However, it is important to note that despite the recent surge, Binance still faces serious allegations from U.S. authorities, including fraud, securities law violations, and the commingling of customer funds with corporate assets. These legal challenges continue to cast a shadow over the exchange’s operations and may have implications for its future performance.
The scheduled update on June 15 will provide valuable insights for investors. Additionally, updates on BEP-126 are expected on the same day. The recent surge in BNB price highlights the impact of ongoing legal proceedings and the engaging initiatives by Binance. Nonetheless, investors remain cautious due to the regulatory challenges faced by the exchange.
