The Binance Coin price has shrugged off news that the UK financial watchdog has banned the crypto exchange. BNB is once again closing in on $300.00.
Binance Coin is last trading at $290.30, down -$0.20 (-0.24%)
Over the weekend, the Financial Times has reported that the UK’s Financial Conduct Authority (FCA) has banned the Binance exchange from undertaking regulated business in the country.
This follows Friday’s announcement from Japan’s Financial Services Agency (FSA) the exchange is not registered to do business in the nation.
Furthermore, the UK regulator has ordered Binance to display the following message on its website:
“BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK.”
This is not the news the exchange wanted to hear. However, it is by no means a fatal blow. The ruling specifically relates to Binance UK and will not affect British customers from accessing the exchange’s offerings in other jurisdictions.
Furthermore, the exchange reinforced this, saying the ruling: “has no direct impact on the services provided on Binance.com”
BNB price forecast
Looking at the 4-hour chart, we can see that the Binance Coin price is recovering from last week’s weakness. This comes on the back of Bitcoin’s relatively stable weekend of trading.
Early last week, BNB sold off sharply as BTC lost $30,000, sending the Binance Coin price down 30% to $225.20 and within a whisker from my $211.00 price prediction.
Notably, BNB runs into some overhead resistance around the 30th of May, low at $291.00. Additionally, a downtrend at $295.00, in place from the 14th of June high, provides an additional obstacle to reclaiming $300.00.
That being said, the Binance Coin price performance is encouraging, considering the latest regulatory crackdown.
Of course, it goes without saying that much will depend on Bitcoin’s efforts this week. Should the market leader continue today’s positive price action, BNB may build enough momentum to hurdle the resistance. A break above $295.00 should extend to the 8th of June low at $318.50.
Additional upside targets are $380.00, followed by $433.00.
However, this relies on broader crypto market strength, and until $295.00 is breached, BNB remains in a downtrend.