- BNB price holds in the green, accruing 5% in gains while other major altcoins falter.
- Binance coin targets $600, but first, buyers must confirm a real break above $500.
- The United Kingdom Financial Conduct Authority says that Binance has finally complied with regulatory requirements.
Binance Coin is brushing shoulder with $500 following a brief swing higher on Thursday during the Asian trading session. The native exchange-based token sustained an upward roll from the lows seen in July at $255. However, bulls found it a challenge cracking and settling above $500. Besides, the lethargic price action seems to have been accentuated by the widespread pullback in the market.
UK’s FCA Affirms Binance Regulatory Compliance
The United Kingdom financial watchdog, the Financial Conduct Authority (FCA), said that Binance Markets Limited, the branch of the global cryptocurrency exchange behemoth, has now complied with the set regulatory requirements.
In June, the FCA sounded a warning to Binance Markets and the Binance Group and later imposed restrictions on operations in the UK. Some of the restrictions Binance had to deal with included not being able to carry out any of the regulated activities without the consent of the regulator, stopping all advertising and promotional activities in the United Kingdom, and putting up a notice containing the restrictions imposed on its website and related social media platforms.
Due to the restrictions, Binance suffered a significant setback, with major banks such as Barclays, HSBC, and NatWest blocking customer payments to the exchange. Binance went a step higher, suspending euro deposits through the European Union’s Single Euro Payments Area (SEPA), which frustrated customers more.
However, the latest released by the FCA on Wednesday assured customers and stakeholders that “Binance Markets Limited complied with all aspects of the requirements. See our Supervisory Notice. See the FCA Register for any requirements that apply to the firm.”
The CEO of Binance, Changpeng Zhao, took to Twitter, celebrating the news saying that it was a step in the right direction.
Meanwhile, Binance Coin is trading at $492 after briefly holding above $500. The Relative Strength Index (RSI) is currently overbought, perhaps adding credence to the overhead pressure. As the RSI retreats into the neutral zone, we expect bears to tighten their grip on BNB and force an extended correction.
BNB/USD Daily Chart
On the upside, the Moving Average Convergence Divergence (MACD) has a bullish impulse. This implies that buyers have the upper hand and may soon push BNB above $500; thus, setting the pace for gains to $600.