BNB price plunged 3.4% in the last 24 hours to currently trading at $554. The renewed selling pressure follows the Bitcoin crash below $65000 as geopolitical tension between Israel and Iran escalates. Despite the broader market pullback, Binance further expanded its global reach by recently securing regulatory approval from Argentina’s National Securities Commission (CNV).
Will Binance’s Latest Regulatory Win Shield BNB Price From a $500 Breakdown?
Binance, the largest cryptocurrency exchange service by trading volume, has recently achieved its 20th global regulatory milestone by registering as a Virtual Asset Service Provider (VASP) in Argentina. This move enables Binance’s mobile and web applications to be fully accessible to users in Argentina, as the exchange is now officially registered as a licensed crypto service provider in the country.
VASP approval followed the recent registrations in Kazakhstan, India, and Indonesia, allowing Binance to strengthen its regulatory foothold across the globe.
Guilherme Nazar, Binance’s Head of Latin America, says, “Argentina is a key market for Binance. We will continue to work closely with the authorities to develop the industry most sustainably and securely for the benefit of the crypto community and society as a whole.”
Thus, Binance’s compliance with regulatory authority accentuates its efforts to deliver a more robust, secure, and transparent crypto ecosystem, naturally surging the demand pressure in BNB price— its native cryptocurrency.
Former Binance CEO Changpeng Zhao (CZ) was released from a U.S. federal prison on September 27, 2024. He had served a four-month sentence for failing to implement adequate anti-money laundering (AML) measures at Binance.
BNB Coin Hints 4% Drop Before Major Reversal
Amid the geopolitical tension, the BNB price shows a notable fall from $618 to $554, accounting for a 13.2% loss. The bearish turnaround invalidates the $600 breakout from late September, strengthening the seller’s grip over this asset.
With sustained selling, the Binance coin price could plunge another 4% to retest the 200-day exponential moving average at $530. This support, currently coinciding with an ascending trendline intact since August 2024, could act as a suitable line for reversal.
The bullish reversal will keep the near-term trend bullish as buyers continue to accumulate at market dips. Thus, the BNB price could rebound 11.8% to rechallenge the $200 barrier and chase $721.
However, if the BNB price breaks below support trendline, the bearish momentum will accelerate for a prolonged downfall to $471.
The post Will Binance’s New Regulatory Win Help BNB Price Avoid $500 Breakdown? appeared first on CoinGape.
