Friday, October 3, 2025
INBV News
Submit Video
  • Login
  • Register
  • Home
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Politics
  • Sports
  • Technology
  • Travel
  • Weather
  • World News
  • Videos
  • More
    • Podcasts
    • Reels
    • Live Video Stream
No Result
View All Result
  • Home
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Politics
  • Sports
  • Technology
  • Travel
  • Weather
  • World News
  • Videos
  • More
    • Podcasts
    • Reels
    • Live Video Stream
No Result
View All Result
INBV News
No Result
View All Result
Home World News

Binance’s native BNB token plunges to lowest since July

INBV News by INBV News
December 17, 2022
in World News
390 8
0
Binance’s native BNB token plunges to lowest since July
548
SHARES
2.5k
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Fox reporter Alicia Acuna reunites with son on-air after Denver highschool shooting

Tencent’s online ads revenue grows for the primary time since 2021

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

NurPhoto / Contributor / Getty Images

Over a month after the collapse of FTX, investor concern over crypto exchange Binance is not fading.

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

The most recent issue looming over Binance is FTX’s bankruptcy proceedings. Binance was the primary outside investor in FTX. In exiting its equity position in the corporate last 12 months, 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 cash 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.

Watch CNBC's full interview with Binance CEO Changpeng Zhao

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

Crypto investors have turn into skeptical of comments from top executives concerning the financial health of their corporations. FTX founder and ex-CEO Sam Bankman-Fried said on Twitter that his company’s assets were superb, at the same time as executives knew it was within the midst of a liquidity crunch that eventually forced the exchange into chapter 11. Bankman-Fried was arrested this week within the Bahamas and charged by U.S. prosecutors with fraud and money laundering.

Withdrawal demands are one other area of concern. Zhao said that around $1.14 billion of net withdrawals took place on Tuesday, but tweeted that this was “not the best 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 an announcement that, “we passed this extreme stress test because we run a quite simple business model – hold assets in custody and generate revenue from transaction fees.” The spokesperson didn’t provide a right away response to an issue concerning 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 each FTX and its sister trading firm, Alameda Research.

FTX then faced a right away surge in withdrawal demands, and Binance stepped in with a non-binding agreement to accumulate the corporate as a 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 assist.”

Like all of the most important crypto projects and firms, Binance developed its own currency. On its website, the corporate says people can “use BNB to pay for goods and services, settle transaction fees on Binance Smart Chain, take part in exclusive token sales and more.” Areas where BNB may be used, the location says, include payment, travel and entertainment.

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

— CNBC’s MacKenzie Sigalos contributed to this report.

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

Regulators highlight top risks: Commercial real estate, credit losses and crypto
Tags: BinancesBNBjulylowestnativeplungestoken
Share219Tweet137
INBV News

INBV News

Related Posts

edit post
Fox reporter Alicia Acuna reunites with son on-air after Denver highschool shooting

Fox reporter Alicia Acuna reunites with son on-air after Denver highschool shooting

by INBV News
March 23, 2023
0

A Denver-based Fox News correspondent reporting on Wednesday’s shooting at East High School reunited along with her son, a student...

edit post
Tencent’s online ads revenue grows for the primary time since 2021

Tencent’s online ads revenue grows for the primary time since 2021

by INBV News
March 23, 2023
0

Chinese tech giant Tencent released quarterly results Wednesday.Nurphoto | Nurphoto | Getty ImagesBEIJING — Chinese tech giant Tencent reported better-than-expected...

edit post
Howard Stern slams MSNBC for ‘berserk’ coverage of potential Trump arrest

Howard Stern slams MSNBC for ‘berserk’ coverage of potential Trump arrest

by INBV News
March 23, 2023
0

Outspoken radio host Howard Stern blasted MSNBC for “going f–king berserk” about former President Donald Trump’s possible indictment and arrest....

edit post
Asia markets falls after Fed raises rates

Asia markets falls after Fed raises rates

by INBV News
March 23, 2023
0

CNBC Pro: This e-commerce stock has a whopping 300% upside, in response to Morgan StanleyE-commerce growth is back, and Morgan...

edit post
Grand Valley State University to carry graduation based on race, sexuality

Grand Valley State University to carry graduation based on race, sexuality

by INBV News
March 22, 2023
0

A Michigan university is reportedly being criticized for hosting a handful of smaller graduation ceremonies — alongside its larger commencement...

Next Post
edit post
Politicians Finally Embrace Have to Promote Region

Politicians Finally Embrace Have to Promote Region

edit post
NOW Tonight with Joshua Johnson – Sept. 16 | NBC News NOW

NOW Tonight with Joshua Johnson - Sept. 16 | NBC News NOW

CATEGORIES

  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Podcast
  • Politics
  • Sports
  • Technology
  • Travel
  • Videos
  • Weather
  • World News

CATEGORY

  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Podcast
  • Politics
  • Sports
  • Technology
  • Travel
  • Videos
  • Weather
  • World News

SITE LINKS

  • About us
  • Contact us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA

[mailpoet_form id=”1″]

  • About us
  • Contact us
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • DMCA

© 2022. All Right Reserved By Inbvnews.com

No Result
View All Result
  • Home
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Politics
  • Sports
  • Technology
  • Travel
  • Weather
  • World News
  • Videos
  • More
    • Podcasts
    • Reels
    • Live Video Stream

© 2022. All Right Reserved By Inbvnews.com

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

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

Log In

Add New Playlist