Binance (BNB) Celebrates Fourth Anniversary at a Difficult Time

Binance (BNB) Celebrates Fourth Anniversary at a Difficult Time

Source: Binance

Binance, the world’s largest exchange by volume celebrates its 4-year¬†anniversary.

On this occasion, several marketing actions are being carried out, most appropriate now. Indeed Binance and its native token Binance Coin (BNB) are under pressure for recent weeks.

Co-founder and CEO of Binance Changpeng Zhao (CZ) promised at the launch of the exchange’s native token in 2017 that it will enter the TOP-3 cryptocurrencies. An incredible promise became real this year. In total, BNB has grown by a cosmic 274,000%, from $0.09611 on August 1, 2017, to the current about $320. However, the maximum growth was almost 720,000%. This is the kind of profit early investors would have had if they had withdrawn BNB on May 10, when it hit an all-time high of $690.93.

Since the beginning of the year, BNB has also posted a huge 1,800% rise, from $38.26 to ATH $690.93 on May 10. Such breathtaking successes could not go unnoticed by competitors and regulators around the world. Binance has been under pressure since mid-May.

Previously, analysts noted that the success of Binance and the growth of the BNB token is the result of the energetic and inventive work of the team. Indeed, Binance is quick to pick up trends and monetize them. This was the case with IEO, Initial Exchange Offering, an investment attraction format that replaced ICO. Binance was one of the first to launch its own Launchpad, an IEO platform, and has received a huge influx of investors and traders.

When the crypto community began to talk about the unreliability of centralized exchanges and the advantages of DEX – decentralized exchanges, Binance quickly launched such an exchange. Binance also leveraged the hype around NFTs (non-fungible tokens) by launching the Binance NFT marketplace. A decentralized marketplace Featured by Binance has also been launched.

The pressure on the exchange began as soon as the record rise in the price of BNB was reached. The Department of Justice and the US Internal Revenue Service (IRS) announced an investigation, suspecting Binance of money laundering. But even earlier, the Commodity Futures Trading Commission (CFTC) conducted an investigation into the admission of US residents to trade crypto derivatives on Binance.

Following the American regulators, the relevant structures of Thailand, Singapore, the Cayman Islands, Japan, and the Canadian province of Ontario came out against Binance. Binance received a very painful blow from the British. The British financial regulator, the Financial Conduct Authority (FCA), stated that Binance cannot operate in the UK because its division, Binance Markets Limited, is not licensed for financial activities.

In addition, the UK Advertising Standards Authority (ASA) said it would strengthen controls over cryptocurrency advertising. And two large banks Santander UK and Barclays have banned customers from transferring funds to Binance.

A series of negative news has dropped the price of BNB more than twice. The Binance team has yet to neutralize the negative news, but perhaps the 4th-anniversary marketing campaign will support BNB. A superstar concert Build to the Moon with live streaming, Binance Awards presentation, and direct communication with CZ can really help Binance overcome the crisis.