Binance Coin (BNB) showed a big rally following a new development-related announcement by the developers team.
Binance Coin (BNB) is the native token of the Binance crypto exchange and this token runs on the Binance Smart Chain (BSC) network. An independent team works on BSC blockchain network development, in short, BNB coin is technically independent from the Binance crypto exchange.
On 13 March 2024, the BSC network announced a major upgrade for the network, called “BEP 336”.
This upgrade is very similar to Ethereum EIP 4844 but differs by some factors. It will increase the capacity of the BSC network to complete the transaction with more potential & high efficiency.
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Following the announcement, the trade price of BNB coin surged 17% within a couple of hours.
The current trade price of BNB coin is $614 & this trade price is 44% higher over the last 7 days.
Binance crypto exchange & Legal hurdles
Binance is top top-level crypto exchange in the crypto market. The services of this exchange are available globally. Over the last two years, Binance faced huge legal hurdles in the US jurisdiction.
For providing crypto services without registration with any regulatory body, Binance paid a $4.3 billion fine to the US authorities as well as Binance Co-founder Changpeng Zhao (CZ) stepped down from the CEO role. As per legal experts, CZ will face jail punishment for up to 3 years.
Legal hurdles for this exchange are also at a peak in the jurisdiction of Nigeria. Just a few weeks ago, the Nigerian authorities arrested two Binance executives and so far those people are under custody.
The Nigerian authorities alleged that Binance crypto services impacted the economic value of the country’s fiat currency Naira badly. Amid these legal hurdles, Binance also terminated every type of Naira-related crypto services.
The majority of Nigerian crypto traders are using Telegram & WhatsApp platforms to buy/sell cryptocurrencies from person to person (P2P) which is not a good way of trading cryptocurrencies.
Read also: Popular rap star Drake promotes Bitcoin among 146 million people
BNB coin hits $630, as devs announced BEP 336 upgrade
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