NewsletterBinance Whale Accumulates 2800 BNB Amid Money Laundering Probe
The BNB crypto token is creating quite the bustle within the cryptocurrency universe following Binance’s recent money laundering probe.
Simultaneously, a significant whale activity caught the eyes of crypto market enthusiasts as it accumulated notable amounts of BNB as of today, November 22.
The whale accumulation of BNB comes after Binance’s settlement with the US Department of Justice (DoJ).
Whale Accumulating BNB
According to recent market data offered by Lookonchain, a platform offering on-chain metrics, following the settlement between Binance and the US DoJ, a whale, previously known for accumulating BNB, once again amassed significant amounts of BNB.
As per the data, the whale accumulated 2,732 BNB, amounting to $646 thousand today, November 22. Furthermore, the same whale, accumulating BNB at price lows, stockpiled a total of 17,152 BNB at an average of $253 since May 10.
The aforementioned on-chain metrics caught the eyes of crypto market enthusiasts primarily due to Binance’s ongoing money laundering saga. BNB, or the Binance coin, is a cryptocurrency jacked and backed up by Binance, one of the world’s leading cryptocurrency exchanges.
As a result of the money laundering chronicle, the exchange’s credibility and reliability in handling significant amounts of cryptocurrencies has come under scrutiny.
Also read: Will Binance Founder Changpeng “CZ” Zhao Face Prison Time?
BNB Price Report
As of writing, the BNB price witnessed a substantial downfall of 9.62% over the past twenty-four hours, reaching $234.07 today. Furthermore, the trading volume witnessed a significant jump of 58.68% over the past day.
The BNB price crash seems to fall in line with Binance’s recent DoJ settlement, where Binance pleaded guilty and agreed to pay over $4 million to resolve the DoJ’s investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money transmitting business, and the International Emergency Economic Powers Act (IEEPA).
On the other hand, over the past twelve hours, approximately $288 million worth of Bitcoin departed the exchange, portraying March 2023 market levels.
Also read: Analyst Predicts Bitcoin Signals Stable OI Amid Binance Lawsuit
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