What's Up With Binance Coin (BNB) Today?

Binance Coin BNB/USD spiked 6.8% higher at $319.64 at press time even as the cryptocurrency exchange associated with the coin is facing increasing regulatory scrutiny globally.

What Happened: BNB has spiked 8.82% over the week. Against Bitcoin BTC/USD and Ethereum ETH/USD, BNB traded 4.9% and 4.01% higher, respectively.

See Also: How To Buy Binance Coin (BNB)

On Friday, Changpeng Zhao, the CEO of Binance, reminisced on Twitter about the BNB initial coin offering, or ICO, and shared the raw experience in the form of a July 2017 LinkedIn post. 

BNB has soared 755.33% since the beginning of this year. The coin got a boost this year thanks to the rising costs of transactions on the Ethereum network.

Why It Matters: BNB is a utility token whose primary use is for fee payment but it is also used for purchases of other assets. Initially, the coin was based on Ethereum but now operates independently on the Binance chain.

Last month, a regulator in the United Kingdom ordered Binance to stop its activities in the country.
See Also: Dogecoin Co-Creator Warns: Be 'Realistic' About Investing In Plentiful Binance, Ethereum Ecosystem Tokens

The exchange is also under the scrutiny of regulators in Germany and Japan along with the United States.

In June, Canada’s British Columbia province published a statement of allegations against Binance — one of the largest cryptocurrency exchanges in the world.

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Photo: Courtesy of Binance