The Binance Coin price is in a tight range, even as the Financial Conduct Authority (FCA) banned Binance from the UK. The BNB is trading at $285, where it has been in the past few days. This brings its total market capitalization to more than $43 billion, making it the fourth-biggest cryptocurrency in the world.
Binance banned in the UK
Binance is the world’s biggest crypto exchange in the world by volume. The company provides a platform that enables investors to buy and sell thousands of cryptocurrencies. It also has platforms that help retail and institutional investors implement trades.
Recently, though, the volume of activity in Binance has declined. According to The Block Crypto, the monthly volume of cryptocurrencies traded in the platform has dropped from more than $1.5 trillion in May to about $600 billion in May. This is mostly because the prices of cryptocurrencies have declined this year.
Binance is also the company behind Binance Chain, a product that helps developers develop decentralized applications (DAPPs). Some of the biggest apps built using the technology are Binance USD. Dai, and PancakeSwap. BNB is the native token for the ecosystem.
The biggest news is that the FCA decided to ban Binance in the country. The company has until Wednesday to comply with the new moves. The regulator said:
“Binance Markets Limited is not permitted to undertake any regulated activity in the UK. No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK”.
In a statement, the company said that the statement will not have an impact on services provided in Binance.com since Binance Markets is a separate entity. The new rebuke by the FCA comes a month after Germany’s Bafin said that the company likely violated securities rules. The US Department of Justice and IRS are also probing the company.
Binance Coin price prediction
The daily chart shows that the Binance Coin price has been under pressure lately. Its price has dropped by more than 60% from the highest point this year. Along the way, the coin has dropped to the 61.8% Fibonacci retracement level. It has also moved below the 50-day and 200-day moving averages.
Notably, the coin seems to have found a strong support at the $228 level, where it has formed a double-bottom pattern. Therefore, there is a possibility that the coin will rise above $430, which is the upper side of this neckline. However, a drop below the support at $228 will be a signal that bears have prevailed. This will bring the next support at $150 to view.