• Binance’s activities are being scrutinized by the US Securities and Exchange Commission and the Department of Justice.
• Binance has been banned in Nigeria and licensed to operate in El Salvador, making it the first fully licensed crypto exchange in the country.
• TradingView showed a surge of 125,000 BNB worth $37 million just before the US SEC’s crackdown on Binance, potentially suggesting insider trading.
Background
Binance is currently engaged in a tussle across countries with some receiving a warm reception while facing scrutiny in others. It all began when the U.S. Securities and Exchange Commission (SEC) sued the exchange in early June for allegedly violating federal securities laws. Meanwhile, Biswap tweeted that Binance [BNB] was closing down its regulated buy-and-sell crypto arm – Binance Connect – on 15 August due to its provider closing card payments. In Nigeria, a leading trade association urged the national government to ban the activities of Binance while it secured a license to operate in El Salvador as its first fully licensed crypto exchange.
Insider Trading Speculations
TradingView shows a surge in aggregated sell orders of about 125,000 BNB worth $37 million just before the U.S. SEC’s crackdown on the exchange which has led to speculations around possible insider trading activity being involved here as well.
U.S Department of Justice (DOJ) Consideration
The U.S Department of Justice (DOJ) is reportedly contemplating bringing fraud charges against cryptocurrency exchange Binance due to concerns that it could trigger a situation similar to what FTX experienced back in 2022 thus they are exploring alternatives such as imposing fines or establishing non-prosecution agreements with Binance aiming at mitigating potential harm to consumers from this situation arising out of any fraudulent activity found out regarding this matter if any investigation were carried out further into this matter by them..
Price Movements After Ripple’s Victory
BNB’s price rose barely 7% after Ripple [XRP] secured a partial victory in its legal battle with the U.S Securities and Exchange Commission which is noteworthy because it indicates some positive sentiment among investors towards cryptocurrencies globally despite their legal situation often making headlines these days .
ChatGPT Forecast
When I asked ChatGPT to forecast the price of Binance Coin as its prices dwindled down to lows not seen since December 2022 , AI bot predicted it would hit $400 soon indicating some positive sentiment among investors for this particular cryptocurrency despite all odds against it at present times .