Binance Coin is being sent lower by investors as Chinese lawmakers oppose Binance, the world’s largest Bitcoin exchange. While Binance founder Changpeng Zhao preaches that Binance’s KYC is strict, there are numerous examples that prove otherwise. According to crypto analyst Filip L, if Chinese regulators put pressure on Binance, deposit outflow for the platform could be triggered and cause a drop in BNB.
Chinese regulatory pressure threatens Bitcoin exchange token!
Binance Coin (BNB) price is trading sharply lower this Friday as Chinese regulators made harsh statements against Binance Coin and KYC (Know Your Customer) rules. While by law Chinese citizens have been prohibited from depositing cryptocurrencies since 2021, financial regulatory experts shared their concerns that Binance’s KYC and anti-money laundering efforts were easily thwarted. Regulatory pressures from China could set the stage for numerous regulatory pressures in other parts of the world, such as the US and Europe.
The Binance Coin price is already digesting the news of early ASIA PAC transactions. With price action already down over 2%, it appeared that traders were nervous about what this could mean in the near term. Loss of confidence in Bitcoin exchange Binance could spill over to BNB and hit price action. A consolidation phase is forming and it looks bearish.
BNB price could initially break towards $310 with the 55-day Simple Moving Average (SMA) and the monthly pivot as a double belt to provide support. If negative headlines are received from the Chinese regulator, it’s possible that this is a sufficient catalyst to break the bottom support. Price action will continue to rise further and it could dip below $300 near the 200-day SMA to $290.
The consolidation phase could signal a counter move by the bulls, who eagerly bought the volumes that investors were selling after this news. Regulatory measures often go hand in hand with the speed of paint drying. Changpeng Zhao (CZ), the founder of Binance, has already expressed full cooperation. Therefore, a solution could trigger a rise in the altcoin price towards $350.
Binance resumes spot trading after temporary maintenance
cryptocoin.comAs you follow, Binance said it has completed temporary system maintenance and restarted all trading activities. Earlier on Friday, the exchange said it was temporarily suspending all spot trading on the platform. The estimated recovery time to fix a problem has been reported to be between 30-120 minutes. Exchange CEO CZ confirmed the news, saying all funds are safe.
The suspension of Binance trading comes at a time of heightened concern as shares of German multinational investment bank Deutsche Bank fell 11% as the global banking system plunged into crisis. Meanwhile, the cryptocurrency market is currently showing signs of resistance as token prices remain stable. The suspension of Binance trading, however, coincided with the Bitcoin price falling below the $28,000 milestone.
Addressing traders’ concerns about spot trading stalling, the exchange said that initially the issue arose because the matching engine saw an error in the trailing stop order. The team noted in its latest statement that it has completed system maintenance.
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