According to the latest data published by Coinmarketcap, Binance Coin is the 4th most valuable cryptocurrency in the world behind Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). Binance’s native cryptocurrency is currently trading near $305 with a market cap of over $51 billion. BNB started off this year at a price level of $37 and a market cap of less than $8 billion. The cryptocurrency crossed the market cap of $50 billion for the first time in April 2021.
Binance Coin’s price stabilizes around $300.
Binance Coin became one of the few digital currencies to reach a market cap of $100 billion in May this year amid a surge in demand for cryptocurrency assets among retail and institutional investors. However, due to the latest dip in the overall market cap of digital currencies, BNB dropped from the high of $685 on 10 May to as low as $225 on 23 May. One of the major reasons behind BNB’s 700% jump in 2021 is the Binance Coin Burn.
Binance halts its Stock Token service after regulatory pushback.
Crypto exchange giant Binance announced on Friday that it has stopped selling digital tokens linked to shares, as Hong Kong’s financial watchdog became the latest in a string of financial regulators to crack down on Binance’s “stock tokens” offerings. “Effective immediately, stock tokens are unavailable for purchase on Binance.com,” the crypto exchange announced on its website. Stock tokens are digital versions of equities pegged to the value of the relevant share. Hong Kong’s Securities and Futures Commission (SFC) had warned that Binance was not licensed to carry out regulated activities in the city. Regulators in Britain, Germany, Japan, and some other countries also stepped up warnings over Binance.