- Binance’s BNB token failed to be listed on crypto exchanges.
- Exchanges view BNB as a security due to Binance’s centralized model.
- Analysts are studying the drop in BNB’s value comparing it to FTT’s price drop prior to the FTX bankruptcy.
Binance’s BNB token has a market capitalization worth $40 billion, yet, the leading crypto exchange has failed to list it on the major US crypto exchanges. According to analysts, US regulators consider BNB as a potential security.
Currently, Binance is battling market speculation based on most-recent withdrawals worth billions of dollars and proof-of-reserves statements by Mazars, Binance’s auditing firm. Moreover, a Binance spokesperson confirmed that,
Mazars has indicated that they will temporarily pause their work with all of their crypto clients globally, which include Crypto.com, KuCoin and Binance. Unfortunately, this means that we will not be able to work with Mazars for the moment.
Binance’s distress is visible in its
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