HEX’s price outperformed Binance’s crypto with a +255% increase since the beginning of the year compared to BNB’s 35%.
Despite Binance.US succeeding in having the class action lawsuit brought by HEX holder Ryan Cox dismissed, the community is valuing more highly the 201st crypto by market capitalization.
HEX vs BNB: the price performance of the two crypto assets
Looking at CoinMarketCap’s charts, the 201st crypto by market capitalization HEX is experiencing attractive increases, outperforming its “in-law rival” Binance Coin (BNB)
And indeed, from a price perspective, HEX has posted larger gains than BNB on daily, weekly, and monthly time frames. Not only that, since the beginning of this year, HEX has experienced a huge growth of about 255%, while Binance’s BNB token has risen only 35.56% over the same period.
In the past month HEX has risen from a price of $0.025 to the current $0.062. BNB has also followed the bullish trend although in the past 30 days its price has dropped from $307 to only $316.
Not only that, community sentiment associated with HEX has also reportedly improved recently. Mentions on social media about the crypto increased by about 74% in one week, totaling more than 19,200.
TradingView’s technical data showed that this cryptocurrency has been an attractive “buy” as HEX is down 88.20% from its all-time high, with long-term investors considering entering the market.
The class action lawsuit against Binance.US by HEX holder Ryan Cox
The connection between the two crypto assets is not coincidental. Recently, it emerged that the class action brought by HEX holder Ryan Cox against Binance.US cannot find jurisdiction in Arizona and therefore was dismissed.
In essence, according to a federal court ruling, the Binance.US crypto-exchange and two affiliated companies cannot be sued in Arizona for allegedly suppressing the rating of a competing token.
Susan M. Brnovich, the judge in the US District Court for the District of Arizona, said on 10 February that the class action was dismissed.
The lawsuit had been filed alleging that HEX was not properly listed on coinmarketcap.com, the website acquired by Binance.
In addition, the lawsuit reports that the “buy” button found next to each cryptocurrency listed on CoinMarketCap.com directs users to Blockchain.com or Binance’s website without disclosing that they are directed to a Binance subsidiary.
In this case, while Binance and Binance.US allegedly make money through transaction fees when cryptocurrencies are traded on their platforms, HEX cannot be purchased on either exchange.
Investigative probe into Binance for transfers of more than $400 million
In a recent investigative report, it was revealed that the most popular crypto-exchange was allegedly involved in a series of transactions that took place in 2021 initiated by Binance.US, amounting to more than $400 million.
The transactions were allegedly directed to trading companies linked to Binance CEO Changpeng CZ Zhao.
Corporate messages suggest that no one was aware of these transfers and that the destination company Merit Peak was a vendor facilitating trading on Binance.US.
The lack of clarity about Merit Peak, and continued investigation, later revealed that some of this money was also sent to a company called Key Vision Development Limited, of which CZ is the CEO.
