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The surge in the price of the Binance Coin comes following the drop in the lawsuit filed by the exchange against Forbes and two of its journalists.
The native cryptocurrency of the Binance Exchange, Binance Coin (BNB) continues to outperform with a new rally to an ATH at $144.111 attained just at the time of writing. Binance coin has earned itself amongst the elite of digital currencies since it was launched back in 2017, but the latest rally has signified the health of the coin, and the ecosystem it represents.
Binance coin has surged by more than 186% in the past week, a growth that has earned the cryptocurrency a market capitalization of $22.52 billion, ranking it as the 6th largest cryptocurrency according to CoinMarketCap. The growth path of Binance Coin has been highly meteoric, with more than 146,000% increase from its all-time low of $0.09611 attained back on August 01, 2017.
The cryptocurrency is now being seen both by retail investors and institutional investors alike as a viable altcoin, with as many potentials as Bitcoin (BTC), and Ethereum (ETH). The Binance-backed coin has a slightly different utility, serving as a token to pay for fees on the Binance exchange and for participation in token sales on the Binance Launchpad. BNB also powers the Binance DEX (decentralized exchange). These uses are all in addition to the possibility of using the coin for payments, just like BTC and ETH.
Binance Coin enjoys a robust ecosystem influence, giving a ready market fueling its exposure and ultimate rise to new heights. With the coin forming new support at $140, expectations of more massive price growth have dominated the Binance community.
Binance Coin ATH Comes amid Forbes Lawsuit Backdown
The surge in the price of the Binance Coin comes following the drop in the lawsuit filed by the exchange against Forbes and two of its journalists. The journalists Michael Del Castillo and Jason Brett published an article back in 2020 that Binance was doing all it can to evade US financial regulators while continually serving American customers.
The exchange claimed the publication damaged its reputation worth millions of dollars and demanded an apology from the media firm. The claims by Forbes adapted from the Tai Chi Documents drafted by a former Binance employee also describes how Binance evades US enforcement as it funnels Revenue from a particular US entity back to the company.
Despite the fuss, the publication, and the subsequent lawsuit it generated, Binance has reportedly filed a notice of voluntary dismissal with the US district court in New Jersey on February 4, ending the pending legal action against Forbes. However, as Cointelegraph reported, the dropped lawsuit was “without prejudice,” implying that its claims on the falsehood of the publication remain unchanged.
“Binance continues to firmly believe that the Forbes article dated October 29, 2020, is false and misleading. As the Company stated in its complaint against Forbes, Binance is committed to complying with all applicable laws and regulations and the allegations by Forbes to the contrary have no merit. However, in the interest of providing the best possible service to its users, especially in this time of unprecedented growth, the Company is not pursuing the litigation at this time,” Binance said in a statement.
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