Does The EU Consider Binance Coin’s Large Price Jump A Threat?

Does The EU Consider Binance Coin’s Large Price Jump A Threat?

Binance Coin (BNB) has rallied hard over the last few weeks, jumping from about $361 on March 13th to just a touch above $432 on April 9th.

While these prices still lag far behind last November, when the coin crossed the $600 mark, the notable increase looks to have attracted the attention of the European Union.

Just a couple of days ago, the EU banned deposits to cryptocurrency wallets within Russia as part of the block’s response to the nation’s military invasion of Ukraine.

The move came several weeks after a London-based lawyer, Nigel Kusher, told the BBC how Russian oligarchs hit by financial sanctions were turning to Bitcoin. Other top European officials have signaled worries about the use of cryptocurrency for so-called illicit financial activities.

Prices of cryptocurrencies like Bitcoin, Ethereum, and Binance Coin have steadily moved upward over the last several weeks and months, bringing new optimism to a cryptocurrency industry that has languished for months amid price turbulence.

Binance CEO and founder Changpeng Zhao was deemed the wealthiest person in the cryptocurrency world, according to a new Forbes ranking from April 5th. Worth an estimated $65 billion, Zhao now has a larger fortune than Michael Dell and Charles Koch. He’s the 19th richest man in the world as of the report’s publishing.

While Binance does not share information on its finances, Forbes noted they estimated Binance’s market valuation at about $92.5 billion, as of March 11th. The $65 billion sum came after accounting for Zhao’s Binance ownership stake, estimated to be at least 70%