In the past two years, Binance, the world's largest cryptocurrency exchange, has been continuously sued and accused by regulatory bodies such as the SEC and CFTC in the United States. After being hit, Binance gradually expanded to Europe and applied for relevant licenses to qualify for business expansion.

However, on June 26th, it was reported that Binance was forced to withdraw its application for licensing to the Financial Market Authority of Austria (FMA) due to pressure from regulatory authorities. 

The previously imposed ban on anonymous cryptocurrencies also took effect on June 26th, preventing users in countries such as France, Italy, Poland, and Spain from trading 12 anonymous cryptocurrencies, including DASH, XMR, ZEC, DCR, ZEN, and others.

On June 24th, Binance was ordered to halt its cryptocurrency services for users in Belgium by the Financial Services and Markets Authority (FSMA), and to return customers' cryptocurrencies and keys.

As of now, Binance has been forced to withdraw from countries such as the Netherlands, Cyprus, the United Kingdom, and Italy. Its operations in other European countries have also been subject to various restrictions.It can be seen that Binance's development in Europe has not been smooth and it faces significant regulatory pressure. 

In response to this situation, a Binance spokesperson stated, "We cannot provide details of discussions with regulatory agencies, but regardless of where we operate, we will continue to act in accordance with our commitments. In Europe, our current focus is on ensuring that we fully comply with the requirements under MICA when they are introduced at the end of next year."

The current Binance is somewhat like Jubi back in the day. New users may not have heard of Jubi, but for old users who experienced the “2017 storm”, they are very familiar with it.

In 2013, JuBiter officially launched; in 2015, it became the largest cryptocurrency exchange platform in China. In 2017, it had the highest daily trading volume globally, and that was also the year when Binance was born. 

However, Binance was just an unknown exchange at that time. However, a storm changed the fate of both, or more precisely, their fates were swapped.

On September 4, 2017, the Chinese government issued a ban on cryptocurrency, which directly caused a crash in the cryptocurrency market and forced exchanges, projects, and service providers to go overseas. This was known as the "94 Storm" or "94 Incident". 

Under regulatory pressure, Jubi was forced to delist certain cryptocurrencies and belatedly relocate its team and servers to other countries. This process resulted in a large number of users losing their funds, and since then, the platform has never fully recovered. In 2020, it was acquired by Uniweb Group in Singapore.

In contrast, Binance rapidly expanded overseas and began operating internationally in 2017. At the time, the cryptocurrency market was chaotic and in a slump, but Binance took advantage of this gap to aggressively promote its development, achieving a great leap forward and becoming the current global leader.

However, Binance is currently facing regulatory crackdowns similar to what Jubi faced. In fact, Binance is in a worse situation being hit or restricted by multiple countries, with nowhere to go, while Jubi was only hit by China with other options available. 

Next, If Binance cannot handle the regulatory issues properly, its fate may be like Jubi.com, losing a significant number of users and risking its position.

As the platform coin of Binance, BNB has seen an astonishing surge after benefiting from the previous bull market. From January to May 2021, BNB continued to rise, reaching a high of around $700 from $40, a staggering increase of 16,500%.

Subsequently, driven by the bearish market, BNB fell in conjunction with the market, reaching a low of around $180, a 74% drop. Currently, BNB is fluctuating widely in the range of $200-350, with $200 being a strong support level that has been challenged three times and ultimately reclaimed.

BNB Price Trend from 2018 to Present; Source: TradingView.

The bulls of BNB have successfully defended the $200 level multiple times. However, if regulations continue to worsen, there is a high probability that this position will be breached. Once breached, there will be significant downside potential, challenging the levels of $100 or even $50.