Renowned analyst Peter Brandt has been harshly critical of Binance and its cryptocurrency BNB. Brandt labels BNB as “BNB is just a cheap fiat currency.” He calls the giant crypto exchange Binance a “global scam.”
The famous analyst heavily criticized Binance and its founder!
This warning from Peter Brandt came in response to an X post from investor Mike Alfred. Binance’s threats to cease operations in the past have shaken investor confidence. It is possible that Brandt’s comments further put the market value of BNB under pressure. Citing Brandt’s post from Mike Alfred, he replied:
For years I have stated that Changpeng Zhao (CZ) and Binance are a global scam and BNB is just a cheap fiat currency. Watch everything unravel.
I have stated for years that CZ and @binance is a global scam and $BNB just a cheap fiat. Watch it all unravel https://t.co/B1SRFFWgY0
— Peter Brandt (@PeterLBrandt) August 22, 2023
How is Crypto reacting to Brandt’s criticism?
BNB is the 4th largest cryptocurrency with a market cap of $32 billion. The altcoin has been negatively impacted by increased regulatory pressure on Binance during the year. Because of this, BNB has lost 15% of its value since January. Bitcoin gained 55% in the same period, increasing the pressure on BNB. Despite this, BNB showed some recovery after falling to $203. The token has been trading above $215 recently. Meanwhile, WhaleChart on X states that Binance is selling Bitcoin to offset the falling price of BNB.
BREAKING:
Binance is allegedly selling Bitcoin to support the price of their own token BNB
— Whale (@WhaleChart) August 22, 2023
However, giving a positive signal, analyst Crypto Rover said that if Binance Drops, everything will be fine for Bitcoin.
If #Binance collapses, $BTC will likely fall to $12,000
— Crypto Rover (@rovercrc) August 22, 2023
Another crypto influencer said, “If you still have Bitcoin on Binance, you deserve to be pulled out of the carpet.” said.
If you still have your #bitcoin on Binance you deserve to be rug pulled.
— Bitcoin for Freedom (@BTC_for_Freedom) August 22, 2023
Giant crypto exchange surrounding regulatory pressure, what’s next?
According to the Wall Street Journal’s report, Binance is allegedly involved in transactions with sanctioned Russian banks that could cause legal problems in the US. The dark truths revealed in the report are that Binance handles Russia’s currency. Further, the report suggests that it has converted funds from sanctioned banks into cryptocurrencies. However, this contradicts Binance’s previous denial of violating sanctions. Despite this, Binance has recently lifted restrictions for Russian users. If the reports are true, Binance will face a serious legal problem related to national security breaches.
In the ongoing regulatory litigation, Binance is also being investigated by the United States Department of Justice (DOJ) on suspicion of money laundering, breach of securities laws and non-compliance with global sanctions laws. Notably, the crypto exchange is also under regulatory floods in various European jurisdictions. This too cryptocoin.com As you follow, Cyprus has led to withdrawal from countries such as the Netherlands and Germany. Additionally, Binance’s Maltese and Irish businesses are under investigation for money laundering and tax violations. Overall, Peter Brandt’s criticism of Binance adds to the scrutiny the exchange has faced from both regulators and prominent figures in the cryptocurrency industry.
