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The Binance ecosystem has continued to build necessary infrastructures to onboard more web3 users and developers in a regulated environment.
Former Binance Holdings Ltd. L, CEO and co-founder Changpeng Zhao (CZ) was moved from low-security federal correctional institution Lompoc II to RRM Long Beach halfway house in preparation for his release later next month. According to records from the US Federal Bureau of Prisons (BoP), CZ is now under the Residential Reentry Management (RRM) Long Beach in Southern California.
While CZ is technically out of prison, the crypto billionaire has 38 more days to spend under strict adherence to the RRM rules. Meanwhile, his release from the Lompoc prison has stirred enthusiasm among the crypto community, more so in the Binance ecosystem.
Binance Grows Under Regulated Conditions
Following the notable introduction of crypto regulatory frameworks around the world in the past few years, the Binance exchange was compelled to morph accordingly to maintain its top position. Under the leadership of current CEO Richard Teng, Binance has continued to dominate in non-western countries.
As of this report, Binance had more than 216 million registered users. In the past 24 hours, Binance registered a net volume of about $10.8 billion, thus outshining the other top ten exchanges combined including Coinbase Global Inc. (NASDAQ: COIN).
As Coinspeaker recently published, Binance recently announced its 19 global regulatory license approvals after a maiden renter into the Indian market.
Meanwhile, Binance faces notable regulatory hurdles in Nigeria, where the company is accused of tax evasion and other financial crimes that led to the major devaluation of Naira.
Notable Web3 Investments
As a top holder of Bitcoin and BNB with significant revenue collection, Binance has made significant investments in different Web3 projects in the recent past. Additionally, Binance has helped expose upcoming blockchain projects through the listing of their respective tokens on its LaunchPool platform.
For instance, Binance announced that it has already invested in 4 top-performing projects from the recent season of its Most Valuable Builder program. Additionally, Binance has set aside funds to invest in meme coin projects that have a vibrant community.
Meanwhile, the BSC chain has a total value locked of about $$4.47 billion and a stablecoins market cap of around $5 billion. Some of the top DeFi projects on the BSC network include PancakeSwap (CAKE), and Venus lending protocol, among others.
BNB Price Signals Bullish Sentiments
Amid the ongoing crypto recovery that has closely followed major global stock indexes and gold, BNB price has rallied over 12 percent in the last two weeks. The large-cap altcoin, with a fully diluted valuation of about $85 billion and a daily average traded volume of around $1.3 billion, is on the cusp of rallying toward its all-time high.
sleeper coin for most right now imo
very close to ATH
market structure might be the strongest in the market
one of the strongest V-shape recoveries post-dip
CZ getting released soon
price discovery soon
$1,000 $BNB easy pic.twitter.com/w5C40WoZAk
— Suen (The Art of Crypto) (@_theartofcrypto) August 22, 2024
From a technical standpoint, BNB price has been forming a bullish megaphone, after rebounding from the weekly 50 Moving Average (MA) and the 50 percent Relative Strength Index (RSI).
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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