Index Investing News
Sunday, May 25, 2025
No Result
View All Result
  • Login
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion
No Result
View All Result
Index Investing News
No Result
View All Result

Binance’s native BNB token plunges to lowest since July

by Index Investing News
December 17, 2022
in Markets
Reading Time: 3 mins read
A A
0
Home Markets
Share on FacebookShare on Twitter


Binance’s Co-founder & CEO Changpeng Zhao has given several interviews discussing the outlook for cryptocurrency following a turbulent couple of weeks in the market.

NurPhoto / Contributor / Getty Images

Over a month after the collapse of FTX, investor concern over crypto exchange Binance isn’t fading.

Binance’s native token, BNB, has fallen 15% in the past week, including a drop of over 6% in the past 24 hours. BNB, first minted in 2017, is the world’s fifth most valuable cryptocurrency, with a market cap of about $39 billion, according to CoinMarketCap. It’s behind only bitcoin, ethereum, tether and USD Coin.

The latest issue looming over Binance is FTX’s bankruptcy proceedings. Binance was the first outside investor in FTX. In exiting its equity position in the company last year, Binance received payment equal to roughly $2.1 billion.

In an interview with CNBC’s “Squawk Box” on Thursday, Binance CEO Changpeng Zhao dismissed concerns that his company could have that money clawed back as FTX winds its way through bankruptcy court and trustees look to retrieve any fraudulent conveyances made by FTX to outside businesses or investors.

“We are financially OK,” Zhao said, after he was asked by CNBC’s Becky Quick if the company could handle a $2.1 billion demand.

Crypto investors have become skeptical of comments from top executives about the financial health of their companies. FTX founder and ex-CEO Sam Bankman-Fried said on Twitter that his company’s assets were fine, even as executives knew it was in the midst of a liquidity crunch that eventually forced the exchange into bankruptcy. Bankman-Fried was arrested this week in the Bahamas and charged by U.S. prosecutors with fraud and money laundering.

Withdrawal demands are another area of concern. Zhao said that around $1.14 billion of net withdrawals took place on Tuesday, but tweeted that this was “not the highest withdrawals we processed, not even top [five].” On Wednesday, he said the situation had “stabilized.” Blockchain analytics firm Nansen said the withdrawal number on Tuesday reached as high as $3 billion.

Read more about tech and crypto from CNBC Pro

A Binance spokesperson told CNBC in a statement that, “we passed this extreme stress test because we run a very simple business model – hold assets in custody and generate revenue from transaction fees.” The spokesperson did not provide an immediate response to a question about the drop in BNB.

Binance and FTX were intimately connected. Zhao announced publicly last month that his company was liquidating its position in FTT, FTX’s native coin, amid concerns surrounding the solvency of both FTX and its sister trading firm, Alameda Research.

FTX then faced an immediate surge in withdrawal demands, and Binance stepped in with a non-binding agreement to acquire the company as part of a rescue plan. A day later, Binance backed out of the deal, stating that FTX’s “issues are beyond our control or ability to help.”

Like all of the major crypto projects and companies, Binance developed its own currency. On its website, the company says people can “use BNB to pay for goods and services, settle transaction fees on Binance Smart Chain, participate in exclusive token sales and more.” Areas where BNB can be used, the site says, include payment, travel and entertainment.

There’s a circulating supply of about 160 million BNB out of a total maximum supply of 200 million, according to CoinMarketCap. Bloomberg reported in June that the SEC was investigating whether the 2017 token sale amounted to a security offered that should have been registered with regulators.

— CNBC’s MacKenzie Sigalos contributed to this report.

WATCH: Regulators highlight top risks: commercial real estate, credit losses, crypto

Regulators highlight top risks: Commercial real estate, credit losses and crypto



Source link

Tags: BinancesBNBJulylowestNativeplungestoken
ShareTweetShareShare
Previous Post

Canadian risk analytics firm Greifenberg Digital files for $15M US IPO

Next Post

Can Tech Recover? With Alex King From Cestrian Capital Research

Related Posts

Prime Wall Road analysts favor these shares for the lengthy haul

Prime Wall Road analysts favor these shares for the lengthy haul

by Index Investing News
May 25, 2025
0

Idrees Abbas | SOPA Photographs | Lightrocket | Getty PhotographsThe rising U.S. funds deficit is on the forefront of traders'...

ValueAct takes a stake in Rocket Cos. How the activist might assist raise shares

ValueAct takes a stake in Rocket Cos. How the activist might assist raise shares

by Index Investing News
May 24, 2025
0

FILE PHOTO: A banner celebrating Rocket Firms Inc., the mother or father firm of U.S. mortgage lender Quicken Loans, IPO...

Costco (COST) all set to report Q3 2025 earnings. Right here’s what to anticipate

Costco (COST) all set to report Q3 2025 earnings. Right here’s what to anticipate

by Index Investing News
May 23, 2025
0

Costco Wholesale Company (NASDAQ: COST) has delivered a formidable efficiency within the first half of FY25, aided by robust membership...

Goal Company (TGT): A take a look at how the retailer is navigating a troublesome atmosphere

Goal Company (TGT): A take a look at how the retailer is navigating a troublesome atmosphere

by Index Investing News
May 24, 2025
0

Shares of Goal Company (NYSE: TGT) stayed pink on Friday. The inventory has dropped 23% over the previous three months....

The Massive Lovely Bitcoin Breakout

The Massive Lovely Bitcoin Breakout

by Index Investing News
May 23, 2025
0

Bitcoin (BTC) broke $111,000 yesterday, an all-time excessive. Supply: coingecko.com And since everybody is aware of I’m a crypto bull,...

Next Post
Can Tech Recover? With Alex King From Cestrian Capital Research

Can Tech Recover? With Alex King From Cestrian Capital Research

Jaguars GM Trent Baalke’s status uncertain?

Jaguars GM Trent Baalke’s status uncertain?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

RECOMMENDED

It’s time that men ‘man up’

It’s time that men ‘man up’

January 10, 2023
Why hasn’t Russia launched main cyberattacks but?

Why hasn’t Russia launched main cyberattacks but?

March 23, 2022
Nigerian youngsters who collapsed in courtroom launched

Nigerian youngsters who collapsed in courtroom launched

November 5, 2024
In Bangladesh’s implosion, alternative for New Delhi

In Bangladesh’s implosion, alternative for New Delhi

August 7, 2024
Forbes includes Cariloha for Best Housewarming Gifts

Forbes includes Cariloha for Best Housewarming Gifts

August 13, 2023
Hawaiian Electrical, others attain B settlement with Maui wildfire plaintiffs (NYSE:HE)

Hawaiian Electrical, others attain $4B settlement with Maui wildfire plaintiffs (NYSE:HE)

August 3, 2024
Reaching Monetary Independence with 5 Properties & A number of Earnings Streams

Reaching Monetary Independence with 5 Properties & A number of Earnings Streams

September 10, 2024
What’s more likely to transfer the market

What’s more likely to transfer the market

October 9, 2024
Index Investing News

Get the latest news and follow the coverage of Investing, World News, Stocks, Market Analysis, Business & Financial News, and more from the top trusted sources.

  • 1717575246.7
  • Browse the latest news about investing and more
  • Contact us
  • Cookie Privacy Policy
  • Disclaimer
  • DMCA
  • Privacy Policy
  • Terms and Conditions
  • xtw18387b488

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • Investing
  • Financial
  • Economy
  • Markets
  • Stocks
  • Crypto
  • Property
  • Sport
  • Entertainment
  • Opinion

Copyright © 2022 - Index Investing News.
Index Investing News is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In