Binance is in the spotlight after the Financial Conduct Authority (FCA) announced that the exchange does not have authorisation to offer crypto products in the United Kingdom.
The crypto exchange kept its offering the same and issued announcements justifying its attitude.
The price of BNB is considering a move upward, although it may first sweep the lows.
The Financial Conduct Authority of the United Kingdom has issued a warning to Binance, one of the world’s largest cryptocurrency exchanges (FCA). While the news was exaggerated, Binance explained why, despite the warnings, it had not changed its stance.
BNB price, on the other hand, continues to range, indicating that it may rise above the 50% Fibonacci retracement level.
On June 26, the Financial Conduct Authority (FCA) of the United Kingdom issued a warning to Binance. According to the release, “Binance Markets Limited (BML),” a subsidiary of the Binance Group, has not applied for any licences to offer crypto-related services and goods in the United Kingdom. As a result, the FCA stated that BML is “not authorised to engage in any regulated activity in the United Kingdom.”
The regulatory body’s cautionary message goes on to say,
No other entity in the Binance Group is authorized, registered, or licensed to conduct regulated activity in the United Kingdom. The Binance Group appears to be offering a variety of products and services to UK customers through a website called Binance.com.
Furthermore, while the FCA does not regulate cryptocurrencies, it does regulate certain products that are considered “securities,” such as crypto derivatives and futures.
Binance responded to this message with a tweet yesterday, stating that BML is a separate organization from Binance and does not provide any cryptocurrency-related products or services. The crypto exchange goes on to say,
The FCA UK notification has no bearing on the services offered by Binance.com. The way we interact with our users hasn’t altered.
Binance Coin is climbing slowly but steadily, seeking to break over the 50% Fibonacci retracement barrier at $321.50 after a failed attempt on June 24. BNB is poised to rise as the consolidation continues.
This transition, however, will not be easy. In fact, a drop below the recent swing lows of $270.06 or $263.55, followed by an uptrend, is the most plausible scenario. This downward trend collects liquidity, allowing market makers to push the price of Binance Coin higher. An 18 percent rise to $321.50, the range’s midpoint, would be the most likely aim.
If the positive momentum continues, BNB may be able to reach $345.17 and $361.75.
4-hour chart of BNB/USDT
On the other hand, if the Binance Coin price does not rebound over $270.06 or $263.55, it will signal a desire to fall.
BNB might find support at $250.36 in this situation, but a violation of this level would invalidate the bullish perspective and start a probable downswing to the May 22 swing low of $224.87.
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