Crypto exchange Binance and its CEO Changpeng Zhao are making headlines once again as news of the company’s acquisition moves hit the industry.
Göre son Haberler, 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.
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 sıkı kripto düzenlemesi ülkede.
Gopax was hit hard after FTX çöktü. During this time, the exchange deneyimli 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.
Resim: Cryptopolitan
Öte yandan Binance, söz to comply with local regulation as they ortaklık 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 dijital varlık değişimi.
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 büyük oyuncu in the centralized exchange market.
However, one can’t be too sure of the future. Nearly a month ago, a reddit sonrası regarding Binance’s supposed audit exposed a concerning development.
Resim: 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 rezerv kanıtı.
Günlük grafikte kripto toplam piyasa değeri 775 milyar dolarda | Çizelge: TradingView.com
Not to mention that right now, the company is ateş altında 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
Source: https://newsbtc.com/all/binance-acquisitions-pump-bnb/