• Binance [BNB] CEO Changpeng Zhao “CZ” announced that the exchange will provide full services in Japan on its new platform, the Sakura Exchange Bitcoin, beginning August.
• Ripple [XRP] secured a partial victory in its legal battle with the U.S. Securities and Exchange Commission (SEC) on 13 July.
• Binance has been subjected to relentless regulatory scrutiny in 2023, raising grave concerns about the survival of one of the largest crypto companies in the world.
Binance Launches New Platform
Binance [BNB] CEO Changpeng Zhao “CZ” announced that the exchange will provide full services in Japan on its new platform, the Sakura Exchange Bitcoin, beginning August. CZ: Japan is a flagship leader for Web3 regulatory environments. Earlier today, @cz_binance virtually addressed the WebX conference in Japan, recognising the country’s clear approach towards the industry. pic.twitter.com/TeLRUaH5Hy — Binance (@binance) July 25, 2023
Ripple Wins Legal Battle
Earlier, BNB’s price rose barely 7% after Ripple [XRP] secured a partial victory in its legal battle with the U.S. Securities and Exchange Commission (SEC) on 13 July. But it hasn’t led to a significant price rally The U.S District Court of Southern District of New York ruled that sale of Ripple’s XRP tokens on crypto exchanges and though programmatic sales did not constitute investment contracts; hence it is not a security in this case but ruling also stated institutional sale of XRP tokens violated federal securities laws leading to surge across tokens prices .
Regulatory Scrutiny Intensifies
Binance has been subjected to relentless regulatory scrutiny in 2023 raising grave concerns about survival of one of largest crypto companies world wide . Several Binance executives reportedly exited firm as regulatory heat intensified , US SEC sued Binance early June allegedly breaking federal securities laws . TradingView data shows surge aggregated sell orders about 125000 BNB worth $37 million before SEC crackdown . Speculations are rife around possible case insider trading . Crypto giant is also under regulatory scrutiny across several countries Europe , Germany’s financial regulator rejected request for crypto custody license while company withdrew its request for approval Austria too .
On-Chain Metrics Show Negative Projection
Despite all these developments On-chain metrics show negative projection and ChatGPT predicts bullish price rally for Binance Coin in some time .
Disclaimer
Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and is solely writer’s opinion