{"id":140887,"date":"2023-09-01T22:45:03","date_gmt":"2023-09-01T17:15:03","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=140887"},"modified":"2023-09-01T22:45:03","modified_gmt":"2023-09-01T17:15:03","slug":"binances-alleged-bitcoin-sales-aim-to-boost-bnb-price-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/binances-alleged-bitcoin-sales-aim-to-boost-bnb-price-crypto-news\/","title":{"rendered":"Binance’s Alleged Bitcoin Sales Aim to Boost BNB Price – Crypto News"},"content":{"rendered":"

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Binance is allegedly selling Bitcoin to boost the price of its native cryptocurrency BNB, which has fallen by more than 30% since the start of the year. Binance faces an uphill struggle to preserve its dominating market position in the face of rising regulatory scrutiny and charges of Bitcoin dumping.<\/span><\/p>\n

BNB in Free Fall<\/span><\/strong><\/h2>\n

Binance Coin (BNB) has fallen below its 200-week Moving Average for the first time, sparking concerns about potential significant losses among altcoins, particularly those relying on the BEP20 and BEP2 token systems. The drop comes amid a broader market correction, with\u00a0<\/span>Bitcoin\u2019s<\/span><\/a>\u00a0value dipping below $26.1k this week, creating anxiety and uncertainty in the cryptocurrency world.<\/span><\/p>\n

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Source: CoinMarketCap<\/em><\/p>\n

The situation has been exacerbated by reports of Binance allegedly dumping customers\u2019 Bitcoin to support its BNB token. Crypto influencer WhaleChart first mentioned these allegations on social media platform X, with several Binance users later complaining that they could not withdraw their BTC due to a temporary suspension of withdrawals. While there has been no official confirmation of these reports, the crypto community remains divided on the issue.<\/span><\/p>\n

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BREAKING:<\/p>\n

Binance is allegedly selling Bitcoin to support the price of their own token BNB<\/p>\n

\u2014 Whale (@WhaleChart) August 22, 2023<\/a><\/p>\n<\/blockquote>\n

Regulatory Woes<\/span><\/strong><\/h2>\n

The exchange has been under constant regulatory scrutiny, particularly since the collapse of FTX and\u00a0<\/span>Alameda Research<\/span><\/a>\u00a0last year. In March, Binance faced a lawsuit from the United States Commodity Futures Trading Commission (CFTC), alleging illegal operations and a lack of proper compliance measures. The situation worsened when the US SEC charged\u00a0<\/span>Binance and its CEO<\/span><\/a>, Changpeng Zhao (CZ), with violating securities laws.<\/span><\/p>\n

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Due to mounting regulatory pressure, Binance has also lost crucial partnerships, like the one with London-based credit card processing company Checkout.com. Such setbacks have affected Binance\u2019s ability to provide fiat-to-crypto on-ramping services, further impacting its market standing.<\/span><\/p>\n

Bitcoin Strategy<\/span><\/strong><\/h2>\n

Binance has turned to its substantial Bitcoin holdings to counter the growing sell pressures. Recent reports suggest that Binance has resorted to selling Bitcoin over the past few days to halt further BNB price declines.<\/span><\/p>\n

Binance\u2019s Bitcoin strategy comes amid concerns about its alleged involvement in helping Russian users move money abroad in violation of international sanctions. With a looming\u00a0<\/span>liquidation<\/span><\/a>\u00a0of a crypto loan secured by $130 million worth of BNB on decentralized finance protocol Venus, Binance must tread carefully to avoid cascading liquidations and unnecessary market damage.<\/span><\/p>\n

Binance\u2019s current challenges underscore the complexities of the cryptocurrency market and highlight the need for responsible practices and regulatory compliance. The exchange must address these concerns to regain investor confidence and ensure the stability of both its native token and the broader cryptocurrency ecosystem.<\/span><\/p>\n

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Binance is allegedly selling Bitcoin to boost the price of its native cryptocurrency BNB, which has fallen by more than 30% since the start of the year. Binance faces an uphill struggle to preserve its dominating market position in the face of rising regulatory scrutiny and charges of Bitcoin dumping. BNB in Free Fall Binance […]<\/p>\n","protected":false},"author":2,"featured_media":61786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-140887","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140887","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=140887"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140887\/revisions"}],"predecessor-version":[{"id":147178,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/140887\/revisions\/147178"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/61786"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=140887"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=140887"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=140887"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}