- Binance registers as a reporting entity with India’s Financial Intelligence Unit, per official announcement.
- The exchange’s website and application is available again for nearly 100 million crypto traders in the nation.
- BNB hovers around $520 early on Thursday, Binance’s native token could extend gains to $600 target.
Binance, one of the largest cryptocurrency exchanges, received regulatory approval to reopen its services and serve nearly 100 million crypto traders in India. The firm has faced several challenges with regulators worldwide, including in India, where the platform had been banned for noncompliance reasons during seven months.
Binance is currently faced with litigation in US even as the firm settled lawsuit against the exchange platform and former executive Changpeng Zhao in April. The exchange agreed to pay $4.3 billion settlement to the US government and CEO CZ stepped down and faced four months in prison.
Binance pays $2.25 million in penalties, opens shop in India
Binance paid $2.25 million in penalties to register with India’s Financial Intelligence Unit (FIU), per an official announcement. This is the 19th regulatory milestone for the exchange, which stillfaces legal challenges in the US.
India has nearly 100 million crypto traders and the exchange can offer its suite of services and tools to these users as a registered entity as of August 15. A Chainalysis report from 2023 shows that India ranks in the top five countries by estimated transaction volume across centralized and decentralized exchange platforms, lending protocols, and smart contract tokens.
Binance’s BNB could extend gains by 16%
Binance’s native token BNB is in a multi-month upward trend as seen in the BNB/USDT daily chart. BNB could extend gains by 16% and rally towards its $600 target, which broadly aligns with the July 29 high. On the way to $600, BNB faces resistance at $560.90, the 50% Fibonacci retracement of the decline from June 6 high of $721.80 to the August 5 low of $400.
The Moving Average Convergence Divergence (MACD) momentum indicator shows there is underlying positive momentum in BNB uptrend. The MACD line has crossed above the signal line, supporting the bullish thesis of BNB.
BNB/USDT daily chart
Binance Coin could find support in the imbalance zone under $500, seen in the daily chart above. BNB could sweep liquidity in the Fair Value Gap between $434 and $462 if there is a correction in Binance’s native token.
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
Bitcoin drops below $59K following US government's $591 million Silk Road BTC transfer
Bitcoin briefly dropped below $59K on Wednesday following news that the US government had moved 10,000 BTC to Coinbase Prime. On-chain data also shows a trend change in Bitcoin's price correlation to the BTCE fund reserves.
Ethereum ETF inflows and low CPI could help ETH stage rally amid Jump Crypto headwind
Ethereum is down 1.7% on Wednesday as low Consumer Price Index inflation data and rising ETH ETF inflows hint that a rally may be imminent. However, a key trendline suggests ETH may repeat history.
PEPE could decline further as long-term holders continue to shed holdings
PEPE is down nearly 2% on Wednesday following key insights that long-term holders have been consistently booking profits since March. The move appears to be creating a head-and-shoulder pattern on the daily chart for PEPE, which can trigger a heavy correction.
Coinbase set to launch tokenized Bitcoin on Base network
Coinbase revealed its plans to launch a wrapped Bitcoin token with the ticker cbBTC on its Base network in an X post on Wednesday. The announcement comes after Bitgo announced its plans to move wBTC ownership to Bit Global, stirring massive criticism.
Bitcoin: Can BTC bounce back from recent market crash?
Bitcoin (BTC) trades above $60,000 on Friday after a 7.2% decline and a dip below the $50,000 level earlier in the week, following a test of its daily support level at around $49,900 on Monday.