- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US Senate likely to vote on the stablecoin GENIUS Act by Memorial Day as Brazil considers stringent regulations
US Senators Kirsten Gillibrand and Cynthia Lummis are optimistic that the Senate will vote on the revised stablecoin bill by Memorial Day. The revised stablecoin bill has refined key elements, including ethics, consumer and bankruptcy protection.
Bitcoin retreats further as chances of major breakthrough in Russia-Ukraine peace talks weaken
Bitcoin price edges below $102,000 on Thursday after repeated rejections at the $105,000 resistance over the past five days. Neither US President Donald Trump nor Russian President Vladimir Putin are expected to attend the Ukraine-Russia peace talks in Turkey.
Top 3 Gainers Amp, Aethir, Helium: AMP, ATH lead market gains as broader crypto market cools
The cryptocurrency market is taking a breather on Thursday after sustaining gains for almost two weeks, buoyed by heightened risk-on sentiment amid easing trade tensions between the United States (US) and China.
XRP price risks slashing weekly gains as liquidations surge amid falling network growth
XRP price peaked at $2.65 on Wednesday, stalling the uptrend amidst a market-wide slowdown. Long liquidations reach $8.44 million over the past 24 hours as the uptrend targeting $3.00 falters.
Bitcoin: BTC bulls aim for $105,000 after nearly 10% weekly gains
Bitcoin price stabilizes around $103,000 on Friday after rallying nearly 10% this week. Risk-on sentiment prevails as Trump announced a trade deal with the UK and ahead of the meeting with China this weekend.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.