Cryptocurrency exchange Binance and its CEO Changpeng Zhao are back in the spotlight as news of the company’s acquisition hit the industry.
according to recent news, Binance has acquired a 41% stake in South Korean crypto exchange Gopax. The deal, originally set to go public last year, involved Binance purchasing shares from Gopax’s largest shareholder, Lee Jun-hang.
Binance’s native token, BNB, has taken this news seriously. weekly profit of 5.5%. As of this writing, his Coingecko data shows that BNB is trading at $255.
Binance and South Korea, a complicated history
This is not the first time Binance has entered a business venture in South Korea. From 2020 to 2021, Binance KR Pair trading and domestic service hard shutdown completed.this was the cause strict crypto regulation in the country.
Gopax hit hard after that FTX Collapse. experienced Liquidity issues forced South Korean exchanges to suspend payments.
As Binance capital begins to flow into the exchange, Gopax can be expected to recover from last year’s catastrophe.
Binance, on the other hand, promised To comply with local regulations partnered Last August, the partnership with the port city of Busan will develop a city-backed blockchain infrastructure for the city of the future. digital asset exchange.
What does this mean for BNB?
With few barriers now and the acquisition finalized, this development should move forward in the coming weeks. I will make it. Main player in a centralized exchange market.
However, we cannot be sure of the future. almost a month ago Reddit post A worrying development has emerged regarding the supposed audit of Binance.
According to the post, the “audit” isn’t really an audit, it’s an Agreed-Upon-Procedure (AUP) and doesn’t vouch for its veracity. Retention Guarantee.
Crypto total market cap at $775 billion on the daily chart | Chart: TradingView.com
Needless to say, the company currently under fire From the SEC, which is actively looking to acquire Voyager Digital. Whether or not this acquisition succeeds, the BNB bulls are poised to break the $281 price resistance level.
However, since the token is highly correlated with Ethereum, BNB could fall if macroeconomic indicators reveal worsening conditions. For now, BNB investors and traders should lock in profits at $252.
If the bears regain their positions in the market, BNB could drop to $240 for the credible support range. Consumer Price Index (CPI) data is out next week, so investors and traders should be prepared to deal with volatility. Because the movement of ETH will determine if he goes up or down in BNB.
– Featured Image: CPA Practice Advisor