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Where Is BNB Coin Price Headed To Amid Binance FUD And Withdrawals?

The Binance BNB Coin Price is showing signs of negative sentiment amid concerns around the exchange's reserves and FUD around withdrawals.
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Where Is BNB Coin Price Headed To Amid Binance FUD And Withdrawals?

Binance BNB Coin Price News: Small and retail crypto traders are still struggling to come to terms with the adverse impacts of the FTX bankruptcy. In this context, major crypto exchange Binance stayed away from the FTX related contagion. In fact, the exchange benefitted from the Sam Bankman-Fried crypto empire collapse with many traders trusting Binance to be safe. However, it appears that CZ’s crypto exchange just started to face the heat from the regulators as well as traders.

Also Read: Bitcoin, Ethereum Price Breaks Higher, Wall Street Expectations On US CPI Inflation

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Binance FUD News

In the last few days, reports suggested that the exchange is yet to provide meaningful financial data to boost investor confidence. Following the crypto bloodbath due to FTX collapse, Binance CEO CZ proposed that all the exchanges publish the proof of reserves to encourage full transparency. This was supposed to be a protective measure that would also restore confidence in the crypto companies.

Meanwhile, the crypto community expressed concerns over a report on Binance reserves the exchange released recently. The Binance proof of reserves essentially mean the volume of assets it holds in custody for its users. Amid all the FUD around Binance reserves, the BNB Coin Price is trading in the red while most cryptocurrencies are following an upward curve. As of writing, BNB price stands at $272, down 5.50% in the last one week, according to price tracking platform CoinMarketCap.

Also Read: Top 3 Metaverse Tokens To Buy In The Dip Before 2023- Apecoin, Decentraland, The Sandbox

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BUSD Big Whale Tranaction

On the other side, whales appear to be trying to be on the safer side. A whale alert on BUSD was found with the transfer of 300 million BUSD. The big whale transaction was made from an unknown wallet to Paxos Treasury.

Know More: Whales Move 442 Million XRP; Court Grants Deadline Motion

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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