Prominent cryptocurrency exchange, Binance has been undergoing immense scrutiny by regulators from across the globe. While the crypto exchange deals with this, an array of new countries have been lining up and continue to call out the exchange for functioning without a license. Recently, Singapore’s financial watchdog, the Monetary Authority of Singapore [MAS], called out the exchange for functioning without a license. This would further prohibit the exchange from offering its services to Singaporeans.
In more recent updates, the exchange withdrew support for the Singapore dollar [SGD]. All SGD trading pairs were removed from the platform. Binance revealed that it would take down its application from the App Store as well as Google Play in the region.
Additionally, Binance’s native cryptocurrency Binance coin [BNB] was seen struggling to make it past the $500 mark. At the time of writing, BNB was trading for $494 with a 24-hour price change of a negative 2.28%. The entire week remained bleak for the altcoin as it witnessed a surge of only 1,71%.
Furthermore, the market cap of the asset was noted at $83 billion. The altcoin succumbed to the fourth position as Cardano [ADA] took over as the third-largest cryptocurrency.
Binance Coin [BNB] one-day price chart
The long-term or the one-day price chart of BNB noted a mixture of both bulls and bears. The Awesome Oscillator indicator sided with the bull by rolling out green closing bars. The Chaikin Money Flow [CMF] indicator on the other hand indicated bearish momentum as the CMF marker remained below the zero median in the bears’ arena. However, the marker was pointed upwards which restored hope in the BNB market.
The Relative Strength Index [RSI] indicator revealed that there was increased buying activity in the BNB market. The RSI marker remained over the 50 median in the buyers’ zone.