CZ, the CEO of Binance, has had an extraordinarily busy 2022 and 2023, and has managed to weather the volatility in the markets without his company completely imploding. Nevertheless, there have been a series of difficulties for the firm and this has caused concern for some investors.
Binance to halt GBP on/off ramp in May
Binance has announced that from May they will be halting their on/off ramp for sterling, thanks to issues with their banking partner in light of the series of banking collapses over the course of the weekend.
This has been met with concern by some, who fear that it is a sign of worse to come, and that there will be a severance of further banking infrastructure.
Despite the FUD, Binance outperforms the banks and BNB appreciates
Binance has endured a wave of FUD over the course of the last few months, and has weathered the storm relatively well.
The collapse of FTX sent shockwaves through the industry and many large crypto firms haven’t been able to withstand the pressure.
However, despite experiencing a bank run itself, Binance was able to process over $10 billion in withdrawals in just a matter of days, and has proven that it has a sound approach to business.
Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.
— CZ Binance (@cz_binance) March 13, 2023
Now, it seems that the banking sector is the one collapsing rather than the crypto sector, with the failures of Silvergate, Signature Bank, and Silicon Valley Bank all demonstrating that the traditional finance sector can be far more perilous.
Where could BNB go from here?
For now, it seems that the price of BNB may appreciate somewhat in the coming months as many analysts believe that the bull market will once more get underway.
The price of BNB has been appreciating over the course of the last few days and appears to be on a positive trend, now that it is consolidating over the $300 level.
If the price can maintain a support over $300, then bulls may be vindicated as the market accelerates into the Bitcoin halvening in 2024.
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