Just as FTX’s FTT token had mostly failed to get listed on major U.S. crypto exchanges, so is BNB absent from a large number of U.S. exchanges. (It is listed on Binance.US.)

Some crypto analysts speculate that major U.S. exchanges might have steered clear of a BNB listing for fear of running afoul of regulators. Any issues on the regulatory front could also represent a risk for holders of the token.

“Exchanges probably do not list BNB as they see it as a security given the centralization of their network,” said Lucas Outumuro, head of research at IntoTheBlock, in an interview with CoinDesk. “It's probably not worth U.S. exchanges risking listing a security especially if it's a competitor's token.”