The fourth-largest cryptocurrency, BNB, has just surged above the $500 level briefly. Here is what may have prompted this short price increase.
Binance Coin breaks above $500
A short while ago, Binance Coin (BNB) managed to surpass the $500 level but did not stay there for long. Several consecutive green candles that started emerging earlier today gave BNB a rise of 8.42 percent to the price line of $502.
That made the coin move to the point where it was around 30% away from its all-time high of $690 reached on May 10.
Binance hires ex-SGX executive as CEO in Singapore
Earlier today, the media reported that the largest global crypto exchange that launched the aforementioned BNB had welcomed former Singapore Exchange Ltd. executive Richard Teng as the chief of Binance in Singapore.
This has occurred as Binance finds itself in hot water with regulators in countries in various parts of the world, including Singapore. At the moment, the platform is seeking to become more compliant with regulations. In particular, it hired Teng, who is the former chief regulatory officer at Singapore Exchange and used to work as the CEO of the Financial Services Regulatory Authority for Abu Dhabi Global Market.
Now, he will lead Binance to regulatory compliance in Singapore. Apart from that, last week, Binance announced the introduction of mandatory KYC ("know your customer") procedures for all new traders and investors, also obliging current traders to upgrade their level of personal data verification.
Renowned expert on regulation Brian Brooks, former comptroller of the currency and former chief legal office at Coinbase, left the position of Binance.US CEO earlier this year over discrepancies over what direction his Binance branch should head in next.
Binance adds new pairs for ADA and DOGE
The largest global digital exchange has also announced that it will launch DOGE/IDR and ADA/VND pairs for trading on the Binance P2P venue.