Journalist
Posted:
- CZ’s interests will be limited to economic interests now that he is withdrawing from the board.
- Binance’s market share remains below 50%.
In a recent announcement about changes to Binance US, the US branch emphasized that it was different from Binance.com. This clarification comes in the wake of the latest developments surrounding the stock exchange.
Binance US separates from the global branch
According to Binance USAdistinguishes the American branch of the stock exchange from its global counterpart. Also, the US branch was not involved in the indictment the global branch faced by the Department of Justice (DOJ) and other US regulators.
Additionally, Binance CEO Chanpeng Zhao (CZ) will step down as Chairman of the Board of Directors.
Moreover, he is not only leaving this role, but also transferring his voting rights through a proxy agreement. This move would be a sign of his withdrawal from the board of the American stock exchange.
This decision follows CZ’s guilty plea to failing to maintain an effective anti-money laundering program during his tenure as CEO. There is also an ongoing debate about whether that is the case CZ may travel to the United Arab Emirates pending sentencing.
Although Binance US was not part of the settlement with the DOJ, it is currently facing a lawsuit filed by the Securities and Exchange Commission. This legal action revolves around an investigation into whether Binance US had backdoor access to monitor user assets.
Binance’s market share remains below 50%
Recent data from Kaiko showed a decline in Binance’s market share, a trend attributed to recent developments. At the beginning of the year, Binance had a market share of more than 60%.
Although this figure gradually decreased over the year, it was around 50%. However, in light of recent events, Binance’s market share has fallen below 50% and has struggled to recover.
This indicates that other exchanges, centralized and decentralized, have successfully captured some of the once dominant market share.
Binance’s market share continues to hover below 50% pic.twitter.com/uwccy9UBGU
— Kaiko (@KaikoData) November 28, 2023
BNB has yet to recover from the dip
Examination of the daily time chart shows that Binance Coin (BNB) has yet to recover from the drop on November 21. The drop, which exceeded 10%, coincided with the announcement of CZ’s indictment and departure from Binance.
After this announcement, the price dropped from approximately $250 to $230.
Source: TradingView
Read Binance Coin (BNB) price prediction 2023-24
At the time of writing, there is a slight appreciation of less than 1%, with BNB trading around $230.
It is notable that both the short and long moving averages (yellow and blue lines) continued to serve as resistance levels.