YEREVAN(CoinChapter.com) – After facing trouble on more than one front, Binance seems to have woken up with a bullish mood.
Shunned away by critics and industry players, the controversial cryptocurrency exchange has sprung back to its feet. Its in-house token, the BNB, is slowly but steadily regaining lost ground. It jumped by 14.06% since July 23, when several hedge funds gave Binance, the exchange, a cold shoulder. At the moment, BNB trades at a little over $319.
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Several hedge funds announce they were backing away from trading or conducting other economic activities on the Binance platform.
One such company, TyrCpital, was one of the first to abandon Binance, sighting customer protection. Ed Hindi, the chief investment officer, and co-founder at Tyr Capital, remarked after the company turned away from Binance.
“Our primary concern is protecting our investors from unknown unknowns that may pop out of the current multi-jurisdictional regulatory clampdown on the exchange,”
he said.
ARK36, another market player in the investment space, walked away from Binance after founders saw danger in keeping large sums with the exchange following regulations. Ulrik Lykke, the executive director at ARK36, was particularly concerned that Binacne’s opposition came from multiple players in the financial space, including banks and investment institutions.
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Binance’s woes seemed unending after the company came under scrutiny from various parts of the world.
The exchange did not meet the digital currency regulations of several countries, prompting financial regulators to curb its operations and impose restrictions. At least seven countries have pulled the plug on Binance, giving hedge funds enough reason to walk stir away from it.
Italy became the 7th nation to issue a regulatory warning against Binance in July. The country’s financial watchdog, the Commissione Nazionale per le Società e la Borsa (CONSOB), accused Binance of offering unauthorized investment services in Italy.
Before Italy stepped in to take action, Binance was already licking its wounds from previous blows. Japan’s Financial Services Agency (FSA) opened pandora’s box when it accused Binance of functioning in the country without registration. It also warned that it could charge the crypto exchange with a criminal offense.
Singapore joined Japan soon after, paving the way for countries to scrutinize Binance under the scanner. But, unfortunately, Canada’s blow to Binance did not get delayed when the company was sent packing from the government.
Binance also faced brutal crackdowns from the Cayman Islands, the United Kingdom, and Thailand. Rising regulations against the company were enough for hedge funds to see a red flag and keep the crypto giant at bay.
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As the financial pundits saw disaster in the dark clouds gathering above Binance, the Binance Token, BNB, seems to be regaining lost heat.
After what seems to be a falling wedge on the graph, BNB could be chasing a short-term goal of touching the $430 mark it held in at the beginning of June. If the bulls rally behind it, feeling the $450 mark soon is not really off the charts.
Nonetheless, critics will be watching in awe as BNB rides on the bull run.
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