BNB is an exchange-based token created to be used on the Binance platform. The token has a deflationary model, which means that its supply falls over time.
OKX users will be able to trade the BNB token against Tether (USDT) and USD Coin (USDC). Deposits opened up earlier today at 1:00 p.m. UTC. Spot trading for these pairs will be available on Wednesday, Dec. 21 at 3:00 a.m. UTC, and withdrawals will open up at 3:00 a.m. UTC on Thursday, Dec. 22.The price of BNB is down roughly 10% over the past week, according to data provided by coin ranking site CoinGecko.
With its current market capitalization of about $40 billion, BNB presently ranks as the fifth largest cryptocurrency in the world.
BNB gets hit by Mazars' U-turn
The crypto industry was recently rocked by the abrupt collapse of major exchange FTX. Since then, many have expressed concerns about the sustainability of other large players and their ability to protect customer funds.
To assuage these worries, Binance, which is currently the most popular cryptocurrency exchange in the world by trading volume, sought to provide proof-of-reserves data, letting customers know how much crypto is being held. Paris-based auditor Mazars was hired to audit this report. However, Mazars soon announced that it would no longer work with cryptocurrency firms.
Mazars' U-turn pushed the BNB price sharply lower, but the token has managed to claw back some of its losses.