Binance BNB Coin Price News: Small and retail crypto traders are still struggling to come to terms with the adverse impacts of the FTX bankruptcy. In this context, major crypto exchange Binance stayed away from the FTX related contagion. In fact, the exchange benefitted from the Sam Bankman-Fried crypto empire collapse with many traders trusting Binance to be safe. However, it appears that CZ’s crypto exchange just started to face the heat from the regulators as well as traders.
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Binance FUD News
In the last few days, reports suggested that the exchange is yet to provide meaningful financial data to boost investor confidence. Following the crypto bloodbath due to FTX collapse, Binance CEO CZ proposed that all the exchanges publish the proof of reserves to encourage full transparency. This was supposed to be a protective measure that would also restore confidence in the crypto companies.
Meanwhile, the crypto community expressed concerns over a report on Binance reserves the exchange released recently. The Binance proof of reserves essentially mean the volume of assets it holds in custody for its users. Amid all the FUD around Binance reserves, the BNB Coin Price is trading in the red while most cryptocurrencies are following an upward curve. As of writing, BNB price stands at $272, down 5.50% in the last one week, according to price tracking platform CoinMarketCap.
On the other side, whales appear to be trying to be on the safer side. A whale alert on BUSD was found with the transfer of 300 million BUSD. The big whale transaction was made from an unknown wallet to Paxos Treasury.
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