You can spot a strong cryptocurrency when prices continue to go up even during the most tumultuous times. Despite several rumors related to Know Your Customer (KYC) leaks, Binance Coin (BNB) has gone up over 12% today.
According to CoinMarketCap (CMC), BNB tokens are currently worth $30.47 at the time of this report. Yesterday, they were valued at around $27.50 and went as high as $30.90 before settling down to the current price. The last time the prices were above $30 was a few days ago, on July 23. At the moment, BNB is in the 6th place by market cap.
The KYC Leak Controversy
Most investors believe that the prices went up because the rumors around the KYC leaks are starting to get weaker now and people have started to determine that the incident will not affect prices.
Yesterday, Binance entered the spotlight because of an alleged KYC leak that involved personal documents of users. However, the Telegram group that leaked the documents was being discredited by some people. One of the reasons for that is that the leaked images did not contain the Binance watermark.
According to Binance, though, the leak may be real. The company outsourced some of its KYC procedures to another company back in February 2018 and the company was hacked later, so they may have lost some data.
Despite the issues, it seems that Binance continues to be strong. The exchange was hacked and it lost USD 40 million this year, but it seems that no tragedy can take the company down.