Binance Coin (BNB), the digital currency of the world's largest cryptocurrency trading platform, witnessed a significant rise as the coin recorded a new all-time high of over $700, making it one of the best performing cryptocurrencies in the 2024 bull market.
The market capitalization of BNB has reached more than $100 billion, surpassing giant companies such as UBS, Dell, Starbucks, and others.
Despite this success, Binance faces legal challenges in several countries, most recently with Nigerian authorities where some of the local company's executives were arrested.
The company also agreed at the end of last year to pay a financial settlement of $4.3 billion to the US Department of Justice without admitting guilt in relation to anti-money laundering violations, which led to the step down of its founder and then CEO, “CZ”, who is currently serving time in prison in the United States. United States for 4 months.
In light of these regulatory challenges, Binance has been slow to react to the market compared to other currencies such as Bitcoin, which hit its highest level in March 2021, and Ethereum, which saw Ethereum spot ETFs accepted by the US Securities and Exchange Commission a few weeks ago.
But the situation has begun to change recently, as the value of BNB has risen by about $100 in the past two days, reaching $715, representing a new all-time high.
Despite a slight decline since then, the currency still exceeds $700 with a market value approaching $108 billion.
As a result, BNB has a market capitalization that exceeds traditional large companies such as UBS, State Bank of India, Dell, Hitachi, Starbucks and AirBNB, reflecting its growing position in the global market.
