Binance Coin (BNB) saw a big rally following a new development-related announcement by the developer team.
Binance Coin (BNB) is the native token of the Binance crypto exchange and this token runs on the Binance Smart Chain (BSC) network. An independent team is working on the development of the BSC blockchain network, in short, the BNB coin is technically independent of the Binance crypto exchange.
On March 13, 2024, the BSC Network announced a major upgrade to the network, called “BEP 336”.
This upgrade is very similar to Ethereum EIP 4844, but differs in a number of ways. It will increase the capacity of the BSC network to complete the transaction with more potential and high efficiency.
Following the announcement, the trading price of the BNB coin increased by 17% within a few hours.
The current trading price of the BNB coin is $614 and this trading price is up 44% in the last 7 days.
Binance crypto exchange and legal hurdles
Binance is the highest level crypto exchange in the crypto market. The services of this exchange are available worldwide. Over the past two years, Binance has faced enormous legal hurdles in US jurisdiction.
For offering crypto services without registering with a regulatory body, Binance paid a $4.3 billion fine to US authorities and Binance co-founder Changpeng Zhao (CZ) resigned from his position as CEO. According to legal experts, CZ risks a prison sentence of up to three years.
Legal hurdles to this exchange are also at a peak in Nigeria’s jurisdiction. Just a few weeks ago, Nigerian authorities arrested two Binance executives and so far these people remain in custody.
Nigerian authorities claimed that Binance’s crypto services were having a bad impact on the economic value of the country’s fiat currency, Naira. Amid these legal hurdles, Binance also terminated any type of Naira-related crypto services.
The majority of Nigerian crypto traders use Telegram and WhatsApp platforms to buy/sell cryptocurrencies on a person-to-person (P2P) basis, which is not a good way to trade cryptocurrencies.
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