The U.S. SEC vs Binance (BNB) tussle took a turn for the worse for the latter yet again. As the SEC brought down a lawsuit against Binance (BNB), its CEO and founder Changpeng Zhao, and Binance.US, the crypto exchange is finally experiencing the heat of the situation. Even as Zhao puts up a brave face, he announced a summary ending to all fiat asset trading on his CEX, including the U.S. dollar. According to him, Binance (BNB) will transition into a crypto-only exchange. As Binance.US faces an existential threat, the fallout from the lawsuit is spreading to other cryptocurrencies. Here’s how different cryptocurrencies are reacting to this development.
Binance (BNB)
Since the announcement of the new lawsuit, the Binance (BNB) token has lost over 16% in value. In fact, the crash was immediate, as many investors pulled out their funds from the platform. The situation is far worse for Binance’s (BNB) U.S. subsidiary, Binance.US, which is having a hard time finding a suitable banking partner. After the fall of Signature Bank, its funds are currently held by Axos Bank only, exposing it to a higher degree of risk. Making matters worse, Binance’s (BNB) local bank partners are cutting off its subsidiary from the country’s banking system, fearing action from the SEC.
As the walls close on Binance (BNB) and Binance.US, their days of operating freely in the U.S. could be numbered. The impact of this development rippled across the crypto world. Even Bitcoin (BTC) lost about 10% of its value for a day before regaining it the next day.
Polygon (MATIC)
For Polygon (MATIC), the Binance (BNB) lawsuit brought a fresh set of woes. The SEC has officially named Polygon (MATIC) as one of the parties in the lawsuit. As if Polygon (MATIC) did not already have enough exposure to the crypto exchange, the new development has thrown the crypto into an unprecedented crisis.
Polygon (MATIC) held its head high through the entire crypto winter last year. Polygon (MATIC) token did not crash as hard as the other cryptos in the market. However, the lawsuit has already cost Polygon (MATIC) 20% of its value just this week. Today’s candlestick formations indicate no respite for the token. With its future summarily thrown into uncertainty, it would be no surprise if Polygon (MATIC) struck lower circuits in the next few days.
TMS Network (TMSN)
As every crypto from Bitcoin (BTC) to Polygon (MATIC) bore the brunt of the latest SEC lawsuit against Binance (BNB), TMS Network (TMSN) witnessed a spike. While amateur crypto investors were caught by surprise, whale investors quickly took this opportunity to hedge their investments by adding TMS Network (TMSN) to their portfolio. That’s because, TMS Network (TMSN) is a centralized exchange. Events like the FTX crash and the Binance (BNB) lawsuit erode investor trust in CEXs. That’s when they turn to DEXs to protect their holdings. That’s precisely what’s happening now too. As CEX users jump ship, they collectively move to promising DEXs, and TMS Network (TMSN) is the most promising one at the moment.
Interestingly, TMS Network (TMSN) is the first DEX to support fiat asset trading. So, investors can trade cryptos, CFDs, forex, and stocks on TMS Network (TMSN). As Binance (BNB) drops the U.S. dollar trading, currency traders are rushing to TMS Network (TMSN) for its services. Since TMS Network (TMSN) is selling at just $0.11 in the ongoing stage 4 presale, it’s delightfully affordable for them.
For more information on TMSN Network (TMSN):
Presale: https://presale.tmsnetwork.io/
Website: https://tmsnetwork.io/
Telegram: https://t.me/tmsnetworkio
Twitter: https://twitter.com/tmsnetwork_io
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