Why Binance Coin Is Soaring Today

Binance Coin (CRYPTO: BNB) is up 11.4% in the past 24 hours to $374.32 per coin as of 11:16 a.m. EDT. On Sept. 29, the world's largest cryptocurrency exchange that issues and uses the namesake coin said it doesn't conduct any business whatsoever in China. That's good news, as BNB has witnessed heavy sell-offs in the past month due to investors' fears of China cracking down on Binance.

The Chinese government loves cryptocurrencies as much as they love free and fair elections. For years, Chinese entrepreneurs and millionaires have been using major cryptocurrencies like Bitcoin and Ethereum to move their hard-earned money abroad, circumventing the country's restrictive capital outflow requirements. That's not something the Central Government likes to see.

Image source: Binance

Source Fool.com