Binance Coin (BNB) hits new all-time high
The token of one of the world's largest exchanges has long been left out of the overall cryptocurrency explosion in 2024. Now, BNB has crossed the $700 mark and set a new all-time high.
Legal challenges have shadowed Binance across various territories, with ongoing disputes most notably in Nigeria. Representatives of the company were apprehended, complicating efforts to secure their release, a situation that remains unresolved.
The exchange faced its most considerable challenge to date last year with a settlement of $4.3 billion to the US Department of Justice, settling without an admission of bypassing requisite anti-money laundering safeguards.
The repercussions led to the departure of its founder, Changpeng Zhao, who subsequently faced incarceration in the US for several months.
Despite these hurdles, Binance Coin struggled to capture the spotlight in the same manner as BTC during its breach of the 2021 peak in March, or as ETH when it gained approval for spot Ethereum ETFs by the US Securities and Exchange Commission.
Moreover, the ongoing bull market has largely been propelled by the rise of both traditional and emerging meme tokens, leaving BNB out of the primary focus.
Yet, a shift occurred recently as this fourth-ranked digital currency leaped by nearly $100, moving from $625 to rest at a pinnacle of $715 earlier today.
Even with a slight pullback, BNB's standing remains strong over $700, with its valuation nearing $110 billion.
