Former Binance boss grounded as BNB faces separate challenges

  • Chanpeng Zhao to remain in the U.S.
  • BNB has continued to trend with the market as it continues to decline. 

Recent court documents showed that Chanpeng Zhao, the former head of Binance [BNB], is facing challenges with U.S. authorities.

However, despite Zhao’s difficulties, the price of BNB has displayed notable resilience, charting its course.

Binance ex-chief to remain grounded

Recent court filings showed that Chanpeng Zhao, the former leader of Binance, had his request to travel outside the U.S. denied.

The request, made through his lawyers, was to allow Zhao to go to the United Arab Emirates for the surgery and hospitalization of a close associate. Some details in the documents were redacted for confidentiality.

Notably, the court document mentioned that Zhao offered his Binance equity to guarantee his return. His legal team valued the equity at $4.5 billion, based on Binance’s last fundraising round two years prior.

Despite this substantial offer, the judge denied the request, citing concerns about Zhao being a flight risk.

The judge pointed to his significant wealth, family residing in the UAE, and prominent status in the country as factors contributing to the decision.

Meanwhile, separate from Zhao’s legal troubles, BNB faced its challenges. However, they appear to be unrelated to the situation involving Zhao.

Binance coin facing its challenges

Contrary to the assumption that BNB was affected by Zhao’s challenges, a closer analysis of its trends suggested otherwise.

AMBCrypto’s examination of BNB’s recent performance showed that its current downtrend aligned with the broader market trend.

Over the last four days, BNB has experienced consecutive downtrends. This has resulted in an overall loss of over 8%. As of this writing, it was trading at around $290, reflecting a 0.7% change.

Source: Trading View

However, BNB has managed to stay above the short-moving average (yellow line). What this indicated was that despite the decline, it has sustained a relatively favorable price momentum, at least for now.

However, continued downward movement may eventually push it below this level. Also, the short-moving average was trending below the neutral line on the Relative Strength Index (RSI) as of this writing.

This signaled a bearish trend for BNB at the time of writing.

Read Binance Coin’s [BNB] Price Prediction 2023-24

Volume down by double-digit

The volume trend for Binance Coin on Santiment showed a consistent level of trading activity. Despite a decrease in volume over the last 24 hours, it was still over $1 billion.

As of this writing, it was over $974 million. According to CoinMarketCap, this represented a decline of more than 13% in volume compared to the previous period.

BNB volume

Source: Santiment

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