BNB, the native currency of the Binance ecosystem, remains under pressure as regulators continue questioning the exchange’s operations and compliance with local laws.

After rising nearly 60% from December to March 2023, reaching as high as $345, BNB is down roughly 10% in the last trading day. 

Binance, which is one of the popular cryptocurrency exchanges, is under pressure from regulators with agencies, mainly from the United States, questioning the ramp’s compliance with local laws. The effect on the crypto market has been visible but particularly pronounced on BNB, that’s currently lower and trailing other crypto assets, including Ethereum and Dogecoin.

CoinMarketCap data indicates that BNB is the third most valuable cryptocurrency when USDT, a stablecoin, is excluded. BNB has a market capitalization of $49.1 billion and is perched at 4th overall. 

Despite regulatory headwinds, BNB is still above XRP, the currency behind the XRP Ledger (XRPL); and ADA, the native coin of Cardano, a smart contracts network. However, BNB trails Ethereum, which has a market cap of $224 billion at spot rates, when writing on April 6.

(by Dalmas Ngetich)