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 Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasme revealed last year, and it involved Binance Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmuying 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.
Binance And South Korea, A Mixed History
This has not Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmeen the first time Binance entered a Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmusiness 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 proBinance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmlem forcing the Korean exchange to suspend payments.
With the onset of Binance capital flowing into the exchange, we can expect Gopax to reBinance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmound from last year’s disaster.
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 Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmlockchain infrastructure for its future city-Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmacked digital asset exchange.
What Does This Mean To BNB?
With almost no Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmarrier now, this development should push through in the coming weeks as the acquisition is Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmeing 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 Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasme 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 Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmut only an Agreed-Upon-Procedure (AUP) which does not guarantee the truth of its proof-of-reserves.
Crypto total market cap at $775 Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmillion 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 Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmulls are poised to Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmreach the $281 price resistance level.
However, with the token Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmeing 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 Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmears claw Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmack their spot in the market, BNB can fall Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmack to $240 for a reliaBinance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmle support range. With the Consumer Price Index (CPI) data Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasmeing rolled out next week, investors and traders should Binance-Acquisition-Moves-See-BNB-Riding-A-Wave-of-Enthusiasme prepared to deal with volatility as any movement in ETH will determine whether BNB will go up or down.
-Featured Image: CPA Practice Advisor