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Earlier, auditing partner Mazars Group has suspended ties with Binance as the exchange faces the heat from crypto community over asset transparency. The trader community believes that Binance is not fully transparent about the way in which it holds and stores user assets. This led a sharp drop in the BNB price. The whole criticism around the exchange’s assets began after it published the audit report on Binance proof of reserves.
BNB Facing Short Squeeze?
Meanwhile, the BNB traders appear to be opening massive short positions in the midst of the FUD around asset transparency. Caesar, a crypto enthusiast, said there are around $118,000,000 worth of shorts opened on BNB token. Traders are piling into it with all this FUD surrounding Binance, he said in a tweet. This comes amid continuous drop in the token’s price in recent times.
As of writing, BNB price stands at $236.80, down 2.90% in the last 24 hours, according to price tracking platform CoinMarketCap. Over the past one week, the fifth ranked cryptocurrency lost around 18% in value.
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