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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">$BNB experienced a -13% drawdown after breaking down from this key support level, coinciding with last week's market crash.</p>  
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  <p>What should #Binance do for $BNB to recover? https://t.co/TZ6dj6Sa5Z pic.twitter.com/dnLndpjOki</p> 
  <p>— CryptoBusy (@CryptoBusy) August 21, 2023</p> 
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 <p>&nbsp;</p> 
 <p><span style="font-weight: 400;">As the future of BNB hangs in the balance, the analyst wonders what steps Binance could take to enable its native asset to recover.</span></p> 
 <h2 id="b-us-sec-case-weighs-heavily-on-bnb-price-b"><b>US SEC Case Weighs Heavily on BNB Price</b></h2> 
 <p><span style="font-weight: 400;">Following the </span><span style="font-weight: 400;">announcement</span><span style="font-weight: 400;"> of the SEC’s case against Binance on June 5, BNB’s price went into a tailspin, shedding more than 30% of its value over the past year. The central entity behind the BNB token and BNB Chain development, </span><span style="font-weight: 400;">Binance</span><span style="font-weight: 400;">, is accused by the SEC of controlling and benefiting from unregistered security.&nbsp;</span></p> 
 <p><span style="font-weight: 400;">The digital asset exchange, led by Changpeng Zhao (CZ), a self-proclaimed “holder of BNB and BTC,” has seen the price of BNB adversely affected by the negative news and the broader market crash. BNB, currently trading at </span><span style="font-weight: 400;">$210.0</span><span style="font-weight: 400;">, is sitting in the fourth position by market cap with $32 billion, per CoinMarketCap, registering 13% losses in the last week and 14% in the past 30 days.</span></p> 
 <h2 id="b-customer-concerns-over-binance-s-service-disruptions-b"><b>Customer Concerns Over Binance’s Service Disruptions</b></h2>  
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 <p><span style="font-weight: 400;">Adding to Binance’s woes, several users have recently reported on X (formerly known as Twitter) that they could not withdraw or deposit euros (EUR) from and to the cryptocurrency exchange platform. Binance’s customer support responded that the direct bank transfer for EUR was under maintenance and temporarily suspended.&nbsp;</span></p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">Hello there,</p> 
  <p>Please be informed that currently, direct bank transfer for EUR currency is in maintenance. However, you still can try to use card deposit/withdrawal from here: https://t.co/EDd2bXuELY</p> 
  <p>Also, you can try our "buy crypto with card" option from here:…</p> 
  <p>— Binance Customer Support (@BinanceHelpDesk) August 21, 2023</p> 
 </blockquote> 
 <p></p> 
 <p><span style="font-weight: 400;">However, no timeline was provided for when this service would be restored. As an alternative, the support account advised users to use card deposits or withdrawals or explore other options such as credit card purchases or the peer-to-peer (P2P) platform.</span></p> 
 <p><span style="font-weight: 400;">Binance has not released official updates or statements, and the BNB token continues trading at yearly lows. The concerns regarding Binance’s financial health and the regulatory headwinds are placing additional pressure on the digital asset exchange and its native coin.</span></p> 
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Binance Coin (BNB) Faces Strong Headwinds Amid Crypto Crash

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