Recent developments have brought Binance to a crossroads in Belgium. Now everyone is wondering what this means for altcoin BNB. On the other hand, potential repercussions from new government regulations emerged.
FSMA’s instruction to Binance
cryptocoin.com As we cover today, the Belgian Financial Services and Markets Authority (FSMA), the country’s top regulatory agency, has issued a firm order to the cryptocurrency exchange, demanding that services to local customers be stopped immediately. In its official statement released on June 23, the FSMA highlighted that Binance provides exchange and custody wallet services between cryptocurrencies and legal currencies from countries outside the European Economic Area, and considered this a violation of existing bans.
Interestingly, this latest development reflects Binance’s previous announcement to suspend services in the Netherlands and Cyprus, both of which are part of the European Economic Area. Moreover, rumors circulated about potential investigations into Binance’s activities by the French authorities. These were later clarified as routine visits to the exchange’s premises.
Altcoin BNB’s reaction to the latest developments
Analyzing the daily timeframe chart of Altcoin BNB, it seems that it has had a tough month for the cryptocurrency. It has suffered a significant drop in value. Accordingly, he witnessed the emergence of a death cross during this period. Currently, BNB is trading at around $248.6, reflecting a modest increase of over 1.6%. However, despite this positive movement, the general trend continues to be downward.
The Moving Average Convergence Deviation (MACD) indicator is currently positioned above zero. Accordingly, this indicates a positive trend. However, the overall trend remains bearish. The Relative Strength Index (RSI) is below 40. It points to a bearish outlook with limited bullish momentum for altcoin BNB.
Positive emotion amid price drop
Despite the bearish trend in the price of altcoin BNB, there are also different indicators. Accordingly, data from Coinglass reveals a positive sentiment surrounding the cryptocurrency. Funding rate statistics consistently show a positive funding rate across multiple exchanges. Accordingly, this implies that investors expect a potential price increase in the future.
As Binance grapples with regulatory challenges, its future in Belgium hangs in the balance with its operations and thus potential ramifications for BNB. Despite the crypto’s recent price drop, there is positive market sentiment. Also, the funding rate indicates optimism among traders. The situation is still dynamic. Also, Binance’s response to these regulatory directives will shape the path for altcoin BNB going forward.
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