Binance halts activities in Israel, Binance Coin price plunges in response
- Binance has stopped trading activities in Israel as the country’s capital markets authority examines the exchange’s licenses.
- The world’s largest exchange’s native token, Binance Coin, price dropped following the news of halting trade activities.
- Analysts are bearish on Binance Coin and believe the token could continue its downtrend.
Israel’s Capital Markets Authority is in the process of reviewing Binance’s licenses. As the authority continues its review, Binance has halted its operations in Israel.
Analysts predict continuation of Binance Coin’s downtrend
Capital Markets Authority in Israel is the regulatory authority in charge of exchange licensing in the country.
The regulator has asked Binance to clarify the nature of its activities and is in the process of reviewing the world’s largest exchange’s licenses.
In response to the regulator’s intervention, Binance halted all trading activities. Binance has faced higher regulatory scrutiny over the past few months, facing a US Securities & Exchange Commission (SEC) probe.
The exchange has faced an uphill battle with regulators in the US and the UK in 2021. The exchange removed support for Hebrew (the local language) and the currency, shekel, to comply with the regulations.
Binance has proactively responded to regulatory concerns in the past, similar to previous instances.
Analysts have evaluated the Binance Coin price trend and argued that the token is likely to continue its uptrend if it breaks out of the $430-$440 zone.
The exchange’s native token has failed to break out of the zone and started a downtrend. @WalterCripto, an analyst and trader, notes that Binance Coin’s downtrend could prolong based on the token’s price trend analysis.
FXStreet analysts have an opposing view, predict breakout to $555 as Binance price flips a significant level.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
