BNB’s prices soared amid Binance’s launch announcement for open campus (EDU) as its 31st project on their Binance launchpad.
Binance plans on using the launchpad subscription format for the open campus token sale.
The announcement behind BNB’s surge
The BNB token started pumping earlier today at 7:30 AM UTC, rising from a low of $316 to a high of $331. This was a rapid increase of 4.8%.
But about an hour later, Binance released a new statement—the open campus token sale, that will use Binance’s launchpad. According to the announcement, this was the 31st project to be launched using this launchpad.
According to the announcement, the launchpad subscription format will be used for the open campus token sale, with binance coin (BNB) balances recorded between April 23 and April 28, 00:00 (UTC).
Binance will keep track of user BNB balances for five days, with the overall BNB holding value for all users being calculated as the average value of the five days.
Insider trading in Binance
Using the launchpad subscription format would increase demand for BNB token.
However, based on recent reports and market analytics, the demand for BNB token rose sharply minutes before the positive news, begging whether this pump was an act of insider trading.
This would not be the first instance of insider trading in the Binance exchange. Only a few weeks ago, crypto.news highlighted some insider trading activities in Binance from one wallet holder who made millions in profit.
In that case, a crypto investor profits from 16 different instances of insider trading. However, Binance CEO Changpeng Zhao later noted that the wallet was actually frozen.