Category: Binance

Binance Coin (BNBUSD) Price Breaks $254 Price Level Downside, Further Price Decrease Is Possible

Binance Coin (BNBUSD) Price Breaks $254 Price Level Downside, Further Price Decrease Is Possible

BNBUSD Price Analysis – March 26

Further price decrease envisage provided the bears increase their pressure and the support level of $196 is penetrated, then, the support level at $142 and $117 may be tested. The breaking up of the $254 price level will expose the coin to $311 and $364 price level.

BNB/USD Market
Key levels:

Supply levels: $254, $311, $364

Demand levels: $196, $142, $117

BNBUSD Long-term Trend: Bearish

On the daily chart, BNBUSD is bearish. The bulls could not continue to hold onto the BNB market when they push the coin to the resistance level at $311. The bears defended the level with the formation of daily bearish candle, following the scenario is the declination of the price towards the support level at $196 price level after it has broken down the former support level of $254.

BNBUSD daily chart, March 26

The coin has crossed the two EMAs downside and it is trading below the 9 periods EMA and the 21 periods EMA while the former is trying to cross the later. This is a sign of increasing bearish momentum. Further price decrease envisage provided the bears increase their pressure and the support level of $196 is penetrated, then, the support level at $142 and $117 may be tested. The breaking up of the $254 price level will expose the coin to $311 and $364 price level. However, the relative strength index period 14 with its signal line is below 50 level pointing up as a sign of buy signal which may be a pullback.

 BNBUSD medium-term Trend: Bearish

BNBUSD is bearish in the 4-hour chart. Last week, the crypto was on ranging movement within $311 and $254 price level. On March 24, the bears push the coin to penetrate the support level at $254 downside and the price is targeting $196 price level.

BNBUSD 4-hour chart, March 26

The price is trading below the 9 periods EMA and 21 periods EMA. The Relative Strength Index period 14 is pointing down at 40 levels indicate a sell signal.

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Author : Azeez Mustapha

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Author: Azeez Mustapha

Last Updated: March 26th, 2021

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.

Binance Employs Former FATF Executives to Bolster Regulatory and Compliance Practices

Binance Employs Former FATF Executives to Bolster Regulatory and Compliance Practices

The world’s largest cryptocurrency exchange, Binance, has announced that it will be hiring two former Financial Action Task Force (FATF) members to bolster its compliance and regulatory arm. The latest to the organization are Rick McDonell and Josee Nadeau.

The exchange noted in a press release earlier today that it aims to improve its AML and CFT practices and build a better relationship with law enforcement and regulatory agencies across the globe.

Rick McDonell is the former Financial Action Task Force (FATF) Executive Secretary and Executive Director to the Association of Certified Anti-Money Laundering Specialists (ACAMS). Meanwhile, Josee Nadeau is the former Head of the Canadian delegation to the FATF. Binance noted that their roles in the company would be structured around providing “high-level guidance on the organization’s global compliance and regulatory strategies.”

The company also highlighted that the newly added team members would get tasked with a “key role in supporting Binance’s consultation and liaison with global and national policy and regulatory authorities on issues that affect the global industry to further guide sustainable operation and growth.”

 

Blockchain and Cryptocurrency Industry Now Mainstream
The new enlists commented on the appointment, noting that the cryptocurrency industry and blockchain technology are becoming more mainstream than before, as even traditional financial institutions are justling to get involved with the new technology. That said, the industry requires a more stringent approach to regulations, which is where McDonell and Nadeau come in for Binance to “ensure it has a world-class compliance and risk management program.”

The CEO of the company, Changpeng Zhao, welcomed the new executives to Binance and stated that their combined experience and expertise “will be of immense value to our team as we look to grow Binance and the industry in a sustainable manner.”

The fourth-largest cryptocurrency has been aggressively bullish over the past few months, which resulted in several record highs. According to a recent report, the daily trading volume on Binance futures has exceeded $100 billion, a new all-time high.

 

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Last Updated: March 26th, 2021

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CFTC Launches Probe Into Binance on Unregistered Derivatives Sales

CFTC Launches Probe Into Binance on Unregistered Derivatives Sales

The world’s largest cryptocurrency exchange, Binance, is reportedly under investigation by the US Commodity Futures Trading Commission (CFTC) for letting residents trade derivatives without having the necessary registration. Although the CEO of the company, Changpeng Zhao, has come out to call the accusation a “FUD,” it didn’t stop the cryptocurrency market from taking the news into account and dropping significantly.

Bloomberg recently reported that the CFTC has opened an investigation to determine if Binance has broken any US rules. More importantly, the Commission is probing the company to ascertain if it allows US citizens to trade cryptocurrency derivatives without properly registering with the organization.

Nonetheless, the recent discovery shows that Binance hadn’t been officially accused of anything yet and that the current investigation could acquit the company.

The CFTC recognizes some crypto assets, such as Bitcoin and Ethereum, as commodities and claims jurisdiction over all futures and other derivatives linked to them.

A Binance spokesperson recently commented that the exchange would assume a “collaborative approach in working with regulators around the world, and we take our compliance obligations very seriously.”

Changpeng Zhao. Source: Google

CZ, the CEO of Binance, noted indirectly on Twitter that “it’s not a bull market without some FUD” and encouraged his followers not to be fazed by the development. FUD is popularly used to acronymize fear, uncertainty, and doubt.

Cryptocurrency Market Witnesses Sharp Drop On the News
Bitcoin and the rest of the cryptocurrency market dropped significantly following the announcement of the probe. The benchmark cryptocurrency dropped sharply by about $1,500 from $56,500 to $55,000.

The exchange’s native coin, Binance Coin, fared even worse on the news. BNB reportedly fell by about 10% under a few minutes.

 

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Author : Azeez Mustapha

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Author: Azeez Mustapha

Last Updated: March 12th, 2021

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.