Binance Coin (BNB) has seen a huge surge following the announcement of new developments by its developer team.
Binance Coin (BNB) is the native token of the Binance cryptocurrency exchange, which runs on the Binance Smart Chain (BSC) network. An independent team is participating in the development of the BSC blockchain network. This means that BNB coin is technically independent of the Binance cryptocurrency exchange.
On March 13, 2024, BSC Network announced a major upgrade to the network called “BEP 336.”
This upgrade is very similar to Ethereum EIP 4844, but depends on a few factors. We will increase the capacity of the BSC network to complete transactions with more potential and higher efficiency.
After the announcement, the trading price of BNB coin surged 17% within hours.
The current trading price of BNB coin is $614, which is up 44% in the last 7 days.
Binance Cryptocurrency Exchange and Legal Obstacles
Binance is the top cryptocurrency exchange in the cryptocurrency market. The exchange’s services are available worldwide. Over the past two years, Binance has faced enormous legal hurdles in US jurisdictions.
Binance paid a $4.3 billion fine to U.S. authorities for providing cryptocurrency services without registering with regulators, and Binance co-founder Changpeng Zhao (CZ) stepped down from his position as CEO. According to legal experts, CZ faces up to three years in prison.
Legal obstacles to this exchange are also at their peak in Nigerian jurisdictions. Just a few weeks ago, Nigerian authorities arrested two Binance executives and they remain in custody to this day.
Nigerian authorities claimed that Binance’s cryptocurrency services had a serious impact on the economic value of Nigeria’s fiat currency, the Naira. Amid these legal hurdles, Binance also terminated all types of Naira-related cryptocurrency services.
The majority of Nigerian cryptocurrency traders are using Telegram and WhatsApp platforms to buy/sell cryptocurrencies peer-to-peer (P2P), which is not a good way to trade cryptocurrencies.
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