BNB cryptocurrency rises to record high amid co-founder's jail sentence


(MENAFN) The price of BNB, a cryptocurrency associated with Binance and its co-founder, Chan Ping Zhao, reached an all-time high during the first week of Zhao's four-month prison term in the United States. Despite Zhao's incarceration, BNB's price continued to climb, solidifying his status as the wealthiest individual ever to serve time in a US federal prison. Zhao surrendered himself to a California prison last Tuesday to begin his sentence for the exchange's failure to adequately address money laundering concerns.

BNB's price soared to unprecedented levels, peaking at approximately USD717 and pushing its market capitalization to USD109 billion, according to data from CoinGeco. The cryptocurrency's value has doubled since the beginning of the year, reflecting the ongoing success of Binance itself. Despite facing challenges last year, including a significant USD4.3 billion fine to settle a case with US authorities, the exchange has seen a surge in the total value of assets listed, from USD80 billion in January to USD125 billion today.

The recent upward trajectory of BNB has been attributed to trading patterns in the futures market since late May. Spot demand for the cryptocurrency began to rise in June, with purchases consistently surpassing sales between June 2 and June 5. Desislava Obert, an analyst at Caico, noted that BNB is traded on more than 12 central exchanges, distinguishing it from other exchange symbols typically traded exclusively on affiliated platforms. Despite this diversification, the Binance platform still accounts for 85 percent of BNB's global trading volume. 

MENAFN11062024000045015682ID1108320075


MENAFN

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.