Binance Coin, the platform's crypto currency, declined as Binance announced that it would withdraw from the US market. The decision also triggered a small bear season in the subcoins.
On Friday, Bitcoin saw a sharp price hike and was able to raise the price of the popular crypto currency up to $ 8,450. Bitcoin continued to rise above the $ 8,200 band, while withdrawals were seen in altcoins. At the time of our report, BNB was trading at $ 32.37%, down 6.58%.
“Binance Deepens Problems”
Global market analyst Alex Krüger said Binance deepened the problems further. According to Krüger, Binance's surprising decisions can have unintended consequences for the future of the crypto money market.
US crypto currency investors account for about 30% of Binance's user base. Therefore, the fact that Binance will be withdrawn from the US market on September 12 due to updated terms of service may trigger the depreciation of the subcoins.
BNB may not be listed in Binance US
As if this was not enough, the US Securities and Exchange Commission's (SEC) claims that Binance would consider BNB, the platform token, as securities, could make things worse. If the SEC makes such a decision, the BNB may not be listed on the Binance US exchange, which Binance plans to make available to US crypto currency investors.
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