Binance Coin has surged another 12%. No coin in the Top 10 is as close to its all-time high as BNB. Aside from those crazy times of December & early January, CZ's project is all but there.
It's fair to say BNB's success does not come with some 2nd guessing. The main criticism is: under what jurisdiction do they lie? Hardly anyone can tell. This is like being a person without a passport. That's clever - but regulators don't do clever; they do rules.
Some report that the hard-charging CEO, Changpeng Zhao appears to believe Binance can skirt regulatory requirements by dealing only with crypto-friendly governments. First he moved the headquarters from China to Japan. Then, Binance moved to Malta. Binance has since landed a series of deals with other crypto-friendly governments, including Bermuda, Uganda, Singapore, Argentina.
Maybe there is a point to all of this. You can fine them, but they make so much money, it kind of doesn’t matter.
Banks pay billions in fines; big tech pay fines, too. Maybe exorbitant BNB fines are already "priced in". Right now, the market doesn't seem much to care.
P.S. Remember when we mentioned once again that exchange tokens, especially BNB, do belong in every portfolio?
Here you go!
Initial coin offerings through exchanges have become the new trend and it will likely continue to do so for a while. Additionally, the rise of all these exchange tokens might be connected to the Chinese mentality of investing - when Chinese investors spot the start of the trend they often invest based on the likelihood that this trend will be followed by others. Binance started the trend, other exchanges follow suit.