Ex-Binance CEO Zhao Stopped from Leaving U.S., BNB Shows Resilience
Ex-Binance Chief Detained as BNB Faces Its Own Challenges
Chanpeng Zhao, the former chief of Binance [BNB], is facing challenges with US authorities. Despite Zhao’s troubles, the price of BNB has shown remarkable resilience and maintained its course.
Ex-Binance Chief Not Allowed to Leave the Country
Court documents show that Chanpeng Zhao, the former chief of Binance, had his application to leave the US denied. The application, filed by his lawyers, was to allow Zhao to travel to the United Arab Emirates for the operation and hospitalization of a close confidant. Some details in the documents were redacted for confidentiality reasons.
Notably, the court document mentioned that Zhao offered his Binance shares to guarantee his return. His legal team valued the shares at $4.5 billion based on Binance’s last financing round two years prior. Despite this substantial offer, the judge denied the application, expressing concerns that Zhao poses a flight risk. The judge referenced his substantial wealth, his family living in the UAE, and his prominent status in the country as factors contributing to this decision.
BNB Faces Its Own Challenges
Contrary to the assumption that BNB was affected by Zhao’s challenges, a closer analysis of its trends suggested the opposite. AMBCrypto’s examination of BNB’s recent performance showed that the current downtrend aligns with the general market trend.
In the last four days, BNB has experienced consecutive downtrends, leading to a total loss of over 8%. At the time of publication, the trading price was around $290, representing a change of 0.7%.
However, BNB has managed to stay above the short-term moving average (yellow line). This suggests that it has maintained a relatively favourable price movement despite the decline, at least for now. A continued downtrend could eventually push it below this mark.
Trading Volume Down by Double-Digit Percentage
The volume trend for Binance Coin on Santiment showed a steady trading volume. Despite a drop in volume in the last 24 hours, it was still over $1 billion. At the time of publication, it was over $974 million. According to CoinMarketCap, this represents a drop of more than 13% in volume compared to the previous period.
Despite the legal challenges faced by the former Binance chief, Binance Coin (BNB) has proven its resilience. It remains to be seen how the situation will evolve and what impact it will have on the price of BNB.
Sources: AMBCrypto, Trading View, Santiment, CoinMarketCap