BNB prints several green candles, rising above US$500

The fourth-largest cryptocurrency, BNB, rose above the US$500 level this Monday morning (23). Here's what might have caused this short price increase.

BNB breaks above US$500

Binance Coin (BNB) managed to surpass the US$500 level and is currently worth US$501. Thus, several consecutive green candles that started to appear earlier today gave BNB an 8.42% increase to the $505 price line.

This caused the currency to move to the point where it was about 30% away from its historic high of $690, reached on May 10th.

Binance hires former SGX executive as CEO in Singapore

Today, the media reported that Binance welcomed former Singapore Exchange Ltd. executive Richard Teng as head of the Singapore unit.

This occurred when Binance found itself in trouble with regulatory bodies in countries around the world, including Singapore. So, at the moment, the platform is looking to become more compliant with regulations.

In particular, she hired Teng, who is the former head of regulation at Singapore Exchange and used to work as CEO of the Financial Services Regulatory Authority for the Global Market in Abu Dhabi.

Now he will drive Binance to regulatory compliance in Singapore. In addition, last week Binance announced the introduction of mandatory KYC (“know your customer”) procedures for all new traders and investors, also forcing current traders to update their personal data verification level.

Thus, renowned regulatory expert Brian Brooks, former currency controller and former head of Coinbase's legal office (NASDAQ: COIN ), stepped down as CEO of Binance.US earlier this year due to discrepancies over the direction that your Binance affiliate should follow.

In addition, the largest global digital exchange also announced that it will launch DOGE / IDR and ADA / VND pairs for trading on the Binance P2P site. The news may have directly contributed to BNB gaining momentum and getting this bullish signal.

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