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Why is Binance Coin Popular?

Over the past 24 hours, Binance Coin was up 11.4% at $374.32 per coin as of 11:16 AM EST.

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Over the past 24 hours, Binance Coin was up 11.4% at $374.32 per coin as of 11:16 AM EST.

The world’s largest cryptocurrency exchange, which issues and uses a coin of the same name, announced on September 29 that it had no activity in China. This is good news, as BNB sold strongly last month on investor concerns that China would take stern action against Binance.

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The Chinese government loves crypto as much as it loves free and fair elections. Over the years, Chinese entrepreneurs and millionaires have circumvented the country’s restrictive capital movement requirements by using significant cryptocurrencies like Bitcoin and Ethereum to remit their money overseas. The central government doesn’t seem to like this.

Domestic regulations tighten. For instance, Huobi Global has announced that it will no longer accept Chinese customers. It will pay its cryptocurrency accounts in China by the end of this year. Huobi Global ranked ninth among the largest cryptocurrency exchanges in the world by volume. Therefore, it is good to know that there is no geographic risk to BNB and China.

This stage could be the last straw for another BNB Bullrand. Binance Coin has two blockchains: Binance Chain (BEP2) and Binance Smart Chain (BEP20). Users can use BEP2 coins to send and receive money, confirm blockchain transactions, earn a staggering 14% per year, and create and exchange new tokens for altcoins.

Meanwhile, users can use BEP20 to receive fees for borrowing and lending, transaction liquidity, and more. Moreover, Binance burns a portion of its BNB assets every quarter for trading profits, similar to a share buyback. Binance burned $68 million in BNB in Q2. The next entry will be tomorrow. With all this in mind, Binance Coin is one of the best cryptocurrencies you can buy right now.

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Nicholas Martinez is passionate about making the crypto world more accessible by bringing the latest news to the space. He has a MBA in Business Analytics and has shown an interest in cryptocurrency from as far back as he can remember.