Binance Coin Plunges After Major US Exclusion

Binance Coin

Binance Coin lost a bit of its momentum in the crypto trading market today going down in value by around 7 percent. BNB which is backed by the largest crypto exchange Binance had been among the major gainers in recent weeks.

However, the news today that Binance was shutting down its operations from the US market had a negative effect on the coin.

The crypto exchange had updated its terms of use which prohibits United State based individuals and traders from trading on its Binance.com website.

A Surprising Turn of Events

A morning view of the Coinmarketcap chart showed that BNB was bleeding contrary to the general chart movement as the news filtered out that the internal currency of the exchange would be excluded from US users.

The exchange revealed that it was launching a new website (Binance.us), which is a fully regulated fiat to crypto platform that would cater to residents in the US.

Binance CEO Changpeng Zhao revealed on Twitter that the exchange was going through an evolution that would enable the coin to meet global requirements. He added that this was necessary for the exchange to make long-term gains.

The DEX Solution

Binance has recently begun the launch of its decentralized exchanges that would be geo-locked with access to specific regions. It is reported that the company is looking to launch up to ten crypto exchanges within the next 12 months.

Binance Coin took a dip after the announcement as the coin dropped by 8 percent as at the time of writing. The coin is currently priced at $32.05 USD as at the time of writing.

Binance Coin

BNB is currently number 7 on the coin market ranking and is regarded as one of the top value coins by the crypto community. The current price levels of the coin is unlikely to last for long as the US market is yet to respond to the news.

It is expected that BNB will recover in the coming days as the cryptomarket experienced corrective trading market in the last 24 hours.

Olowoporoku Adeniyi

cryptocurrency evangelist with five years experience in the blockchain industry

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