Crypto exchange Binance and its CEO Changpeng Zhao are making headlines again as news of the company’s acquisition moves hit the industry.
After Latest newsBinance has acquired a 41% stake in Korean crypto exchange Gopax. The deal was originally set to be announced last year and involved Binance buying the shares of Lee Jun-hang, Gopax’s major shareholder.
BNB, Binance’s native token, took the news to heart with a weekly win of 5.5%. As of this writing, BNB is trading at $255, data from Coingecko shows.
Binance and South Korea, a mixed story
This wasn’t the first time Binance had entered into a business venture in Korea. In the period 2020 to 2021, Binance KR Trading pairs and a hard shutdown of the service in the country has been completed. This was due strict crypto regulation in the country.
Gopax was hit hard afterwards FTX collapsed. The exchange takes place during this time Experienced a liquidity problem that is forcing the Korean exchange to suspend payments.
As Binance’s capital flow begins to flow into the exchange, we can expect Gopax to recover from last year’s disaster.
Binance, on the other hand promised to comply with local regulations as they partner with the port city of Busan in August last year. This partnership will Blockchain-Develop city infrastructure for their future city supported city Exchange of digital assets.
What does this mean for BNB?
This development should take place with almost no obstacles in the coming weeks as the acquisition now closes. With this in mind, Binance’s presence in South Korea would further solidify the company protagonist on the centralized foreign exchange market.
However, one cannot be sure of the future. Almost a month ago, a Reddit post A worrying development has been uncovered regarding the alleged audit of Binance.
According to one post, the “audit” wasn’t actually an audit, just an Agreed Upon Procedure (AUP) that doesn’t guarantee the truth Proof of reserves.
Crypto Total Market Cap at $775 Billion on Daily Chart | Chart: TradingView.com
Not to mention that the company is right now Under fire by the SEC aggressively trying to acquire Voyager Digital. Regardless of whether this takeover prevails or not, BNB bulls are poised to break the $281 price resistance level.
However, the token is highly correlated with Ethereum, we could see a fall in BNB if the macroeconomic indicators show a worsening of the situation. For now, BNB investors and traders should consolidate gains at $252.
If the bears ever reclaim their place in the market, BNB can drop back to $240 for a reliable range of support. With Consumer Price Index (CPI) data set to be released next week, investors and traders should be prepared to deal with the volatility as every move in ETH will determine whether BNB will rise or fall.
-Featured image: CPA Practice Advisor
Source: Crypto News Deutsch