Based on the recent development, it is pretty much evident that Binance has managed to establish itself as the center of attention. Everyone in the crypto community has their eyes on the exchange. It is a known fact that the slightest of rumors can pose a great impact on the crypto market. Just recently, a report regarding a criminal investigation against Binance was circulated. As a result, BNB witnessed a sharp decline in its value.
The report talks about a split between the US Department of Justice prosecutors holding a criminal investigation against Binance for a while now. As a result of the split, a delay resulted in the authorities finalizing their decision earlier. It is worth mentioning that the case was brought to light back in 2018. Back then, Binance was still in its early days. Apart from that, the report categorically talks about the exchange’s compliance with anti-money laundering laws. It even includes sanctions imposed by the US. Most prosecutors believe that there is enough evidence to hold Changpeng Zhao accountable. The remaining believe that taking their time would be a better idea.
On the other hand, many actually believe that Binance had inferior money laundering laws. As a result, it became possible for criminals and companies to process over $10 billion in payments. This was done in an effort to evade all possible US sanctions. Binance has improved its grip on the crypto market considerably after the fall of FTX. However, any criminal charges against Zhao can loosen the exchange’s grip on the industry.
BNB Suffers a Crash- What To Expect?
As a result of these developments in the crypto market, BNB has taken a turn for the worse. BNB is down by approximately 5% and is currently trading for approximately $268.87. similarly, it is also necessary to keep in mind that the trading volume of BNB witnessed an increase of approximately 115.72% in the previous 24 hours. However, there is a chance that this might suggest similar selling pressure as well. As of now, BNB traders as well as investors have displayed signs of becoming bearish toward the token.
If the crash in the value of BNB continues to greatly strengthen, there is a greater chance of the token actually losing its market dominance. It is still uncertain if BNB would continue to fall or now.