BNB Coin Could Drop Tomorrow: Binance Starts Restricting US Traders
BNB coin could drop tomorrow since the major crypto exchange will stop the US traders from using their services from tomorrow as per the reports in the latest cryptocurrency news.
A few months ago, the leading crypto exchange Binance announced that it would stop the US traders from accessing the platform and that the new rule will come into effect on September 12th. The traders and analysts are now worried that the BNB coin could drop when this happens. Back on June 14th, the reports showed that the worldâ€™s major crypto exchange will be halting the access to the traders from the United States. The US traders will still have access to their wallets and all of their funds but they will no longer be able to deposit or to trade on the platform.
One of the main reasons for their decision is to guarantee full regulatory compliance. Binance was able to quickly act and create another alternative for the traders who want to continue using the platform. They also created the so-called Binance US and according to the CEO of the company Changpeng Zhao, the newest platform will supposedly increase the same speed as well as the same liquidity as the original platform. It is also very important to notice that recently the major crypto exchange partnered with Paxos in order to launch the USD-pegged stablecoin named Binance USD or BUSD. The news that the main platform of the binance exchange wonâ€™t let the US traders use the services, will not influence the Binance Coin very well. Back in June, the price of the BNB coin dropped at about 7 percent when the news first emerged. It all went downhill from there and as seen in the charts, BNB is down by more than 45 percent. It also appears that nothing that the exchange is currently doing is good enough to bring the price up.
As per the reports in the altcoin news, the entire situation got even worse when the coin is compared against Bitcoin. In the same period, the BNB coin decreased by more than 52 percent against bitcoin. Now that the trading of the US citizens will be stopped, the real question is if that will be even worse for the cryptocurrency and will it lead to a huge drop in value.
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