Binance founder Zhao Changpeng (CZ) recently announced on the X platform that BNB will be launched on the Kraken exchange on April 22, and jokingly referred to BNB as a 'meme coin' for the first time, which quickly sparked heated discussions in the cryptocurrency community.
In the conversation, CZ casually stated, 'BNB is a meme coin,' accompanied by a shrug emoji, which led to different interpretations among community members. Some users believe this is CZ's affirmation of BNB's ecosystem builders, emphasizing that BNB not only has technical value but also plays an indispensable role as the main payment method for transactions and interactions within the ecosystem during the recent meme coin craze.
However, there is also a segment of users who view CZ's remarks as a kind of mockery of meme coin culture, believing he might be humorously responding to certain market perspectives.
Although CZ's remarks sparked discussions in the community, the overall market response did not show significant volatility. It is noteworthy that, driven by the new Launchpool and TGE activities, BNB's price had approached $590 before the deadline, becoming the best performer among the top ten tokens in nearly 24 hours.
Source: Feng Baobao at the sweet potato roast
Potential impact of the Kraken listing
BNB Chain officially announced yesterday that Kraken will list BNB trading pairs on April 22 at 14:00 UTC, including BNB/EUR, BNB/USD, BNB/USDC, and BNB/USDT, which is expected to further enhance BNB's liquidity and global accessibility, especially since some institutions want to invest under strict regulatory conditions.
Does CZ really want to treat BNB as a meme coin?
Another possibility is that CZ may intentionally categorize BNB as a meme coin. Under the framework of securities trading regulations, if cryptocurrencies are defined as securities rather than commodities, they will bear more legal obligations and responsibilities. For example, there were previously plans by issuers to launch a BNB ETF, but if BNB cannot be recognized as a commodity, then the formal launch of that ETF will face higher thresholds and stricter regulatory requirements.
However, it is worth noting that BNB, as the core token of the BNB Chain, has functionalities far beyond the speculative attributes of a meme coin. It encompasses various aspects such as discounts on Binance trading fees, staking services, and DeFi applications, which give BNB a higher practical value and a wide range of application scenarios. Moreover, a significant amount of BNB reserves are held by CZ and the Binance exchange team, further enhancing BNB's market influence and stability.
Therefore, although CZ may intend to categorize BNB as a meme coin to evade certain regulatory requirements, BNB's actual functions and market position make it uncertain whether it can pass the SEC's securities test. This categorization attempt may provoke in-depth scrutiny from regulatory agencies and widespread attention from the market.
