BNB Slumps to Yearly Low as Binance Halts Direct Bank EUR Transactions

BNB, the native cryptocurrency for the leading crypto exchange Binance, has just experienced its worst failure over the past year. According to the price tracking platform CoinMarketCap, the cryptocurrency has lost 30% of its value over the last 12 months.

BNB Slumps 30% YoY

BNB’s performance on a year-on-year (YoY) scale shows that the last time it saw a steep price decline was on December 17th, around the time of FTX’s bankruptcy filing and Mazars’ withdrawal from working for Binance. At that time, the Binance coin traded at $227 before a rebound ensued.

In June, the cryptocurrency faced its biggest hit as Binance got tangled in a legal battle with the United States Securities and Exchange Commission (SEC). The regulatory agency alleged that BNB was unregistered security that the crypto exchange ought to register before offering them to U.S. investors. The lawsuit continues to linger in U.S. court to date. BNB’s price dramatically declined from $305 to around $231, representing about a 25% decrease.

The current decline in BNB prices has surpassed its December 17th record by dropping to as low as $205. CoinStats data shows that BNB’s price performance represents a 3.2% decrease in the last 24 hours, a 13% decrease over the past week, and a 14% drop in the last 30 days. The fourth largest cryptocurrency by market capitalization reached a low of $205.41 as shown in the chart below.

Source: CoinStats

Why is BNB Decreasing?

BNB’s poor price performance can be attributed to a recent occurrence within the Binance ecosystem. Some users complained about the EUR (euro) withdrawal and deposit features via X (formally Twitter). In response to the complaint, Binance Customer Support highlighted the cause of the issue and its solution.

“. . . direct bank transfer for EUR currency is in maintenance. However, you still can try to use card deposit/withdrawal,” Binance Customer Support tweeted.

The post included a link directing users to alternative transaction methods.

Meanwhile, Binance is yet to make an official comment on the issue of direct bank transfers for EUR withdrawals and deposits.