Three months ago, the world’s leading cryptocurrency exchange, Binance, announced that it would cut off access to the platform for US-based traders. The new rule is set to come into effect on September 12, which is tomorrow. The question is whether this will put additional pressure on the already suffering Binance Coin (BNB).
Binance Shutting the Door to US-Based Traders Tomorrow
Back on June 14, CryptoPotato reported that the world’s leading cryptocurrency exchange, Binance, would be cutting off access to traders from the United States on September 12. US traders will still have access to their wallets and funds, but they will no longer be able to deposit or trade on Binance.com.
The main reason for the move was to guarantee full regulatory compliance. However, Binance did act quickly and created an alternative for traders who wish to continue using the platform. According to the CEO of the company, Changpeng Zhao, Binance US will boast the same speed and liquidity as Binance.com.
In related news, Binance recently teamed up with Paxos to launch a USD-pegged stablecoin called Binance USD (BUSD).
More Pressure on BNB?
Surely, the news that Binance’s main platform won’t support US-based traders doesn’t do Binance Coin (BNB) any good. Back in June, the price dropped by 7% on the news, and it went downhill from there.
As seen on the above chart, since reaching its ATH in June, the BNB price is down by more than 45%. It appears nothing that the exchange is currently doing is capable of bringing the price up.
The situation is even worse when we observe BNB trading against Bitcoin. In the same period, BNB decreased by upwards of 52% against BTC.