Binance Coin price tests monthly highs despite Binance suspending deposits and withdrawals in the UK

Binance Coin price has been following the broader market’s lead rising by nearly 10% in the span of 24 hours to trade above $318.

Binance loses crucial partner in the UK

Binance halted deposits and withdrawals in British Pounds (GBP) for new customers on Monday and announced that it would be suspending the deposit and withdrawal services in GBP via bank transfers and cards completely by May 22, 2023.

The decision came about after the crypto exchange’s local banking partner Paysafe, ended support for the transactions in the local currency, Bloomberg reported. 

The payments company stated that it would no longer provide one of its products to Binance’s customers in the country, citing local regulators’ approach to cryptocurrencies. In a statement on Tuesday, Paysafe said,

We have concluded that the UK regulatory environment in relation to crypto is too challenging to offer this service at this time, and so this is a prudent decision on our part, taken with an abundance of caution.

However, Binance has declared it is working hard to find an alternative to Paysafe and the entire issue.

Binance Coin price shows resilience

Binance Coin price observed no impact from this development as the altcoin is following the broader market cues at the moment. The banking crisis in the United States, coupled with the release of the US Consumer Price Index (CPI) on Tuesday, did not leave much room for network-specific developments to bear influence on the price action.

Consequently, up by nearly 10% in the last 24 hours, Binance Coin price could be seen trading at $310. The cryptocurrency is inching closer to the critical resistance at the $334.7, crossing which, would enable BNB to flip the lower limit of the resistance block from $335 to $357 into support. This would put the altcoin at year-to-date highs.

BNB/USD 1-day chart

But if corrections follow the sudden explosion in price, Binance Coin price might end up testing the critical support level at $294.5. If BNB falls through this level, the bullish thesis would be invalidated, and the altcoin would be vulnerable to further decline toward $264.9 to mark a two-month low.