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BNB sinks to yearly low as Binance suspends EUR withdrawals and deposits

BNB sinks to yearly low as Binance suspends EUR withdrawals and deposits

The BNB Chain (BNB) native token is changing hands at its lowest prices in the last 12 months. At the time of publication on August 21, 1 BNB equals $207.47, breaking previous lows of $227.85 on December 17, 2022.

This cryptocurrency‘s most aggressive decline started on June 5, following the announcement of the SEC case versus Binance — the central entity using the BNB token as a native asset, also responsible for the BNB Chain development.

With a direct correlation to the centralized exchange (CEX), news and events related to Binance usually affect BNB’s price. In the lawsuit, among other things, the United States SEC accused the token of being an unregistered security in control (and for the benefit) of the global company, led by Changpeng Zhao (CZ), a self-proclaimed “holder of BNB and BTC”.

BNB lost over 30% in value in this 1-year timeframe. Sitting in the 4th position by market cap, with $32 billion. BNB registers 13% losses in the last 7 days and 14% losses in the last 30 days, as some ‘fear, uncertainty and doubt’ (FUD) grows regarding Binance’s financial health.

BNB 1-year price chart. Source: Finbold

Binance suspends EUR withdrawals and deposits

A few users started complaining on X (former Twitter) about not being able to withdraw or deposit euros (EUR) from and to the CEX.

In which the Binance Customer Support (@BinanceHelpDesk) account replied that “​​direct bank transfer for EUR currency is in maintenance”, therefore suspended, without an estimated time for these services to return.

The Customer Support account said that users “can try to use card deposits/withdrawals” in the meantime. Or try some other options such as credit card purchases, or the peer-to-peer (P2P) platform.

Binance’s team has made no updates by press time, as the BNB token continues to be trading at yearly lows.

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