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 <h2 id="strong-span-data-preserver-spaces-true-bnb-in-free-fall-span-strong"><strong><span data-preserver-spaces="true">BNB in Free Fall</span></strong></h2> 
 <p><span data-preserver-spaces="true">Binance Coin (<a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a>) has fallen below its 200-week Moving Average for the first time, sparking concerns about potential significant losses among altcoins, particularly those relying on the BEP20 and BEP2 token systems. The drop comes amid a broader market correction, with&nbsp;</span><span data-preserver-spaces="true"><a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>’s</span><span data-preserver-spaces="true">&nbsp;value dipping below $26.1k this week, creating anxiety and uncertainty in the cryptocurrency world.</span></p>  
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 <p style="text-align: left"><em>Source: CoinMarketCap</em></p> 
 <p><span data-preserver-spaces="true">The situation has been exacerbated by reports of Binance allegedly dumping customers’ Bitcoin to support its BNB token. Crypto influencer WhaleChart first mentioned these allegations on social media platform X, with several Binance users later complaining that they could not withdraw their BTC due to a temporary suspension of withdrawals. While there has been no official confirmation of these reports, the crypto community remains divided on the issue.</span></p>  
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 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">BREAKING:</p> 
  <p>Binance is allegedly selling Bitcoin to support the price of their own token BNB</p> 
  <p>— Whale (@WhaleChart) August 22, 2023</p> 
 </blockquote> 
 <p></p> 
 <h2 id="strong-span-data-preserver-spaces-true-regulatory-woes-span-strong"><strong><span data-preserver-spaces="true">Regulatory Woes</span></strong></h2> 
 <p><span data-preserver-spaces="true">The exchange has been under constant regulatory scrutiny, particularly since the collapse of FTX and&nbsp;</span><span data-preserver-spaces="true">Alameda Research</span><span data-preserver-spaces="true">&nbsp;last year. In March, Binance faced a lawsuit from the United States Commodity Futures Trading Commission (CFTC), alleging illegal operations and a lack of proper compliance measures. The situation worsened when the US SEC charged&nbsp;</span><span data-preserver-spaces="true">Binance and its CEO</span><span data-preserver-spaces="true">, Changpeng Zhao (CZ), with violating securities laws.</span></p>  
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 <p><span data-preserver-spaces="true">Due to mounting regulatory pressure, Binance has also lost crucial partnerships, like the one with London-based credit card processing company Checkout.com. Such setbacks have affected Binance’s ability to provide fiat-to-crypto on-ramping services, further impacting its market standing.</span></p> 
 <h2 id="strong-span-data-preserver-spaces-true-bitcoin-strategy-span-strong"><strong><span data-preserver-spaces="true">Bitcoin Strategy</span></strong></h2> 
 <p><span data-preserver-spaces="true">Binance has turned to its substantial <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> holdings to counter the growing sell pressures. Recent reports suggest that Binance has resorted to selling <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> over the past few days to halt further <a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a> price declines.</span></p> 
 <p><span data-preserver-spaces="true">Binance’s <a rel="noopener noreferrer nofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> strategy comes amid concerns about its alleged involvement in helping Russian users move money abroad in violation of international sanctions. With a looming&nbsp;</span><span data-preserver-spaces="true">liquidation</span><span data-preserver-spaces="true">&nbsp;of a crypto loan secured by $130 million worth of <a rel="noopener noreferrer nofollow" title="BNB" href="https://thebittimes.com/tag/bnb.html">BNB</a> on decentralized finance protocol Venus, Binance must tread carefully to avoid cascading liquidations and unnecessary market damage.</span></p> 
 <p><span data-preserver-spaces="true">Binance’s current challenges underscore the complexities of the cryptocurrency market and highlight the need for responsible practices and regulatory compliance. The exchange must address these concerns to regain investor confidence and ensure the stability of both its native token and the broader cryptocurrency ecosystem.</span></p> 
 <p>&nbsp;</p> 
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Binance's Alleged Bitcoin Sales Aim to Boost BNB Price

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