• Binance’s native token, BNB, has seen impressive YTD gains of over 38%.
• Binance recently suspended US dollar deposits and withdrawals.
• There is a current controversy with Indian crypto exchange WazirX.
Binance Native Token (BNB) Gains Over 38%
Binance’s native token, BNB, has had a roaring start to the year with its year-to-date (YTD) gains standing at over 38%. On Feb. 8, BNB reached an impressive 90-day high of $337.32 before suffering a minor retracement. Trading at $330.71 with a market cap of $52.22 billion as of this writing, BNB remains one of the top-performing crypto assets.
Suspension of US Dollar Withdrawals and Deposits
On Feb 6th, Binance announced that it would suspend US dollar deposits and withdrawals without providing any reason for the decision but directly informing affected customers. A company spokesperson stated that „0.01% of our monthly active users leverage USD bank transfers“ and that the company is working hard to restart the service as soon as possible. However, Binance US which is regulated by the Treasury Department’s Financial Crimes Enforcement Network is not affected by the suspension making it applicable only to non-US customers who transfer money to or from bank accounts in dollars.
Controversy With WazirX
WazirX, an Indian cryptocurrency exchange has refuted allegations from Binance claiming them false and unsubstantiated while also stating they will seek legal recourse according to a blog post published on Tuesday. In August 2022, there was dispute between two exchanges when Enforcement Directorate initiated an investigation over alleged money laundering against Zanmai Labs -the parent company of WazirX-. Changpeng Zhao CEO of Binance took to Twitter to state that his company does not own WazirX even though there was an announcement in 2019 declaring its acquisition of the exchange. This tussle between the two exchanges continues since then without any resolution yet seen in sight; however both parties remain adamant in their stance regarding this matter while users remain unable to use their funds through either platform due to this dispute continuing until further notice..
Impact on Price & Market Cap
The suspension of US dollar transactions coupled with the ongoing controversy with Indian exchange WazirX could mean uncertain future for BNB’s price and its market capitalization if not resolved quickly . Despite that ,BNB remains one top performing asset amongst others so far this year with its YTD gains standing above 38% despite minor retracements observed recently . As such , investors are expecting further upside for this asset in near future depending upon how these issues will be addressed by respective authorities in coming days .
In conclusion , although there are certain doubts regarding future performance of BNB due to recent events , investors still remain optimistic about its potential given its past performances . It will be interesting going forward how these issues get resolved and what impact they have on overall market performance ; only time will tell what comes next for this leading altcoin .