• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
Binance

Binance Acquisition Moves See BNB Riding A Wave of Enthusiasm

Christian Encila by Christian Encila
3 months ago
in BNB
Reading Time: 4 mins read
Advertisement
Advertisement

Crypto exchange Binance and its CEO Changpeng Zhao are making headlines once again as news of the company’s acquisition moves hit the industry.

According to recent news, Binance acquired a 41% stake on Korean crypto exchange Gopax. The deal was originally scheduled to be revealed last year, and it involved Binance buying the stock holding from Lee Jun-hang, Gopax’s top stakeholder.

BNB, Binance’s native token, took the news to heart with a weekly gain of 5.5%. As of this writing, BNB is trading at $255, data from Coingecko shows.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
Related Reading: ApeCoin: Will January See The End of APE’s Recovery?

Binance And South Korea, A Mixed History

This has not been the first time Binance entered a business venture in Korea. In the period of 2020 to 2021, Binance KR trading pairs and a hard shutdown of the service in the country was completed. This was due to tight crypto regulation in the country. 

Gopax was hit hard after FTX collapsed. During this time, the exchange experienced a liquidity problem forcing the Korean exchange to suspend payments.

With the onset of Binance capital flowing into the exchange, we can expect Gopax to rebound from last year’s disaster. 

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Image: Cryptopolitan

Binance, on the other hand, promised to comply with local regulation as they partnered with the port city of Busan in August of last year. This partnership will develop the city’s blockchain infrastructure for its future city-backed digital asset exchange. 

What Does This Mean To BNB?

With almost no barrier now, this development should push through in the coming weeks as the acquisition is being finalized. With this in mind, Binance’s presence in South Korea would further cement the company as a major player in the centralized exchange market. 

However, one can’t be too sure of the future. Nearly a month ago, a Reddit post regarding Binance’s supposed audit exposed a concerning development.

Image: Business2Community

According to a post, the “audit” was not actually an audit but only an Agreed-Upon-Procedure (AUP) which does not guarantee the truth of its proof-of-reserves. 

Related Reading: Cronos (CRO) Up 4% In Last Week Amid Recession Fears

Crypto total market cap at $775 billion on the daily chart | Chart: TradingView.com

Not to mention that right now, the company is under fire from the SEC as it aggressively tries to acquire Voyager Digital. Whether this acquisition pushes through or not, BNB bulls are poised to breach the $281 price resistance level. 

However, with the token being highly correlated with Ethereum, we might see BNB drop if macroeconomic indicators reveal a worsening situation. For now, investors and traders of BNB should consolidate their gains at $252. 

If ever the bears claw back their spot in the market, BNB can fall back to $240 for a reliable support range. With the Consumer Price Index (CPI) data being rolled out next week, investors and traders should be prepared to deal with volatility as any movement in ETH will determine whether BNB will go up or down. 

-Featured Image: CPA Practice Advisor

Tags: BinanceBNBcrypto newspolicyregulation
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Christian Encila

Christian Encila

Related Posts

Binance Coin (BNB)

BNB Price Close Above $340 Could Spark Larger Rally To $400

4 days ago
BNB

BNB Price Surges Over 20% in a Week And Rally Seems Far From Over

2 weeks ago
BNB Price Grinds Lower

BNB Price Grinds Lower, Here’s Next Bearish Target Traders Should Watch

3 weeks ago
Binance Coin (BNB)

BNB Price Prints Bearish Technical Pattern, Why It Could Revisit $280

1 month ago
Bitcoin Crypto Market Altcoins BCH ETH XRP BNB ADA TRX EOS

BNB Price Drops After BUSD Crackdown, Upsides Turn Attractive to Bears

2 months ago
BNB

BNB Crashes 10% Amid Uncertainty Around Binance

2 months ago

Premium Partners

Play Finance

Trending Projects

  • 4 Best Upcoming ICO For 2023

    1 week ago
  • Crypto Investment for Long Term Growth in 2023

    1 week ago
  • 5 Cryptocurrency To Invest In 2023

    1 week ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
  • TMS Network (TMSN) Surges and Attracts Investors as Conflux...

    58 mins ago
  • TMS Network (TMSN) Storms Crypto Market while Chainlink...

    1 hour ago
  • TMS Network (TMSN) Outshines Competitors While Polygon...

    1 hour ago
  • Investors Turn to Metropoly as Immutable X and STEPN Rally...

    3 hours ago
  • Three Exciting Cryptos With Growth Potential: Axie Infinity...

    17 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.