Binance Announces New Transaction Limit By Fiat Partner – What Could This Mean For BNB?

According to a report by Bloomberg, crypto exchange Binance has announced that one of its fiat trading partners, Signature Bank, will no longer be processing transactions of less than $100,000 as the bank attempts to reduce its exposure to the cryptocurrency market. Binance said this is a broad action affecting all crypto exchanges dealing with Signature bank.

Timeline of Bnb

Binance Chain's [BNB] network growth continued to record impressive numbers. According to a tweet by Token Terminal on 20 January, the daily active users on the chain hit almost 778,000.

Binance Coin (BNB) has had a rather good start to the new year, gaining more than 127% within the first 3 weeks of 2023. The increase in the token's price has caused its market capitalization to expand by over 52%, making it the 4th largest crypto by market cap.

Binance Coin's [BNB] performance of late has been in the buyers' favor, like most of the other cryptos. However, Santiment's data revealed that BNB was overvalued as per its MVRV Z-Score.

BNB Chain deployed the highest number of dApps throughout 2022 with 2,163 dApps, while Ethereum ranked first for amount of NFT transactions, according to a recent report by DappRadar.

GMX, the perpetual trading decentralized exchange (DEX) allowing up to 50X leverage, now generates more trading fees than the BNB Smart Chain (BSC) and Bitcoin. GMX Is The Third Most Active Platform According to statistics, GMX's 1-day fee on January 19 was around $589,000, while BSC and Bitcoin on-chain fees, over the same period, stood at $524,232 and $328,935, respectively.

Binance, the exchange backing Binance Coin [BNB] is notorious for listing a lot of emerging cryptocurrencies, and its 18 January addition of Rocket Pool [RPL] aligned with the known behavior. However, the world's largest exchange listing of the decentralized Ethereum [ETH] staking pool token was not without fuss.

Binance Coin price analysis suggests downwards movement to $280 The closest support level lies at $290 BNB faces resistance at the $310 mark The Binance Coin price analysis shows that the BNB price action has fallen down to the $290.00 support where the bulls are trying to hold the bearish pressure at bay.

Key Points: Binance has just finished burning nearly 600 million USD of BNB – the plan to burn BNB takes place in accordance with Binance's commitment. Binance the 22nd BNB burn has been completed by BNB Chain, and this is the first quarterly BNB burn of 2023.

In the wake of FTX's collapse, many eyes focused on the now undisputed largest cryptocurrency exchange in the world, Binance. Due to an opaque proof of reserves, the withdrawal of accounting firm Mazars, and a bank run on the exchange, the Binance Coin (BNB) suffered a temporary loss of trust and excessive price losses.

Binance burned 26 million of its BNB token — worth over $600 million — during the early hours of January 17, according to a company statement. The post Binance burns $600M BNB in 22nd burn event appeared first on CryptoSlate.