Thursday, April 18, 2024

BNB Surges 10% Amidst Regulatory Concerns for Binance.

The price of Binance Coin (BNB) is resolute despite the network’s ongoing regulatory challenges. The token is following the general trend in the market and has opportunities for further growth even while altcoins are still waking up.

Binance and Binance.US regulatory troubles

According to the local tabloid Punch, Binance Exchange and Nigerian authorities are still at odds. The latter recently called the company’s CEO, Richard Teng, on allegations of money laundering and financing terrorism.

The largest trading platform based on volume metrics was also “also accused of operating a business worth billions without the requisite registrations and documentation,” according to reports from the BBC and The Premium Times.

Following this, rumours began to spread that two executives from Binance had been arrested in Nigeria. The Nigerian government was reportedly requesting a $10 billion fine, according to some reports. However, this was refuted by Bayo Onanuga, the president’s special advisor on communication and strategy.

The People’s Gazette said that Binance Exchange backed up the news by saying that it has not discussed the proposed fine with any authorities.

The Securities and Exchange Commission (SEC) in the US recently blasted Binance for being “unwilling” to respond to important enquiries and urged the court to order the exchange to comply. The financial regulator stated that there was no standoff between the commission and Binance. US.

The SEC stated in a petition to the district court on March 5 that BAM Trading Services, the company that trades as Binance.US, has shown that it is unable to respond to enquiries from the SEC. The SEC requested that the Court step in and direct BAM to resolve unresolved issues.

Though “thousands of documents” had already been turned over regarding “every conceivable aspect of its custody practices,” the exchange maintained that it has “gone above and beyond” to respond to the agency’s “exceptionally broad” requests for information.

In December, Christopher Blodgett, the COO of Binance.US, disclosed in a deposition that the firm had experienced a 75% decline in sales due to the legal battle with the US SEC. This forced the company to lay off roughly 67% of its workforce.

However, this hasn’t prevented the exchange from benefiting from the current market upswing.

The price of Binance Coin surges 10%.

The price of BNB has increased by 10% over the past day, and there is potential for further increases given the increasing momentum shown by the Relative Strength Index (RSI) trajectory and the strong price trend indicated by the volume indicator’s wide bars.

A surge in purchasing pressure can cause the price of BNB to break over the strong barrier established by the equal highs at $427.00. If this blockade were to turn into support, Binance Coin’s price would be able to surpass the high of the $434.70 range and maybe rise as far as $480.00, or about 15% above present levels.

Given the robust response from the $387.40 support, now might be the best moment to give Binance Coin another look.

The price of BNB, however, can return to the channel’s midline, which is the $387.40 support level, if the equal highs are rejected. A decline below $387.40 would result in a lower low and refute the bullish argument.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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