Will Binance Coin (BNB) lose its dominance soon? 

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According to recent reports, Binance Coin (BNB) has experienced a 6% drop over the past week, and while it’s normal for crypto coins’ prices to drop at some point, this situation is quite different.

While BNB sank in the market, its other crypto competitors have climbed up in prices which indicates that Binance Coin is slowly but surely losing its top spot in the crypto market.

On top of the stiff competition that BNB is facing from its competitors, the continuous crackdowns of governments on cryptocurrencies would surely deal a big blow on Binance Coin soon.

Entangled in legal issues

Not only Binance Coin is in trouble but Binance itself because of the mounting legal issues it is facing in a lot of countries.

The Japanese government has warned the crypto exchange company about its non-compliance with regulatory rules. Singapore has started its thorough investigation of the company’s alleged illegal operations in the country. And recently, Binance was forced to stop its operations in Canada.

The United Kingdom, Thailand, and the Cayman Islands have also scrutinized the company for its direct violations of their laws. All these legal entanglements with governments could surely affect the integrity and popularity of Binance Coin.

And on top of these problems…

Aside from its problems with governments, Binance is also facing massive legal suits from its platform users. It can be remembered that more than 700 traders have filed a lawsuit against Binance because of the platform’s sudden technical error.

All these mounting “hate,” disappointment, and distrust over Binance can negatively affect its Binance Coin because of the crypto coin’s direct association with the company, whose image has been tainted for the past few months.

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/will-binance-coin-bnb-lose-its-dominance-soon/

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