{"id":360157,"date":"2024-10-02T09:21:27","date_gmt":"2024-10-02T03:51:27","guid":{"rendered":"https:\/\/dripp.zone\/news\/will-binances-new-regulatory-win-help-bnb-price-avoid-500-breakdown-crypto-news\/"},"modified":"2024-10-02T09:26:49","modified_gmt":"2024-10-02T03:56:49","slug":"will-binances-new-regulatory-win-help-bnb-price-avoid-500-breakdown-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/will-binances-new-regulatory-win-help-bnb-price-avoid-500-breakdown-crypto-news\/","title":{"rendered":"Will Binance\u2019s New Regulatory Win Help BNB Price Avoid $500 Breakdown? – Crypto News"},"content":{"rendered":"

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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\u2019s National Securities Commission (CNV).<\/span><\/p>\n

Will Binance\u2019s Latest Regulatory Win Shield BNB Price From a $500 Breakdown?<\/h2>\n

Binance, the largest cryptocurrency exchange service by trading volume, has recently achieved its 20th global regulatory milestone<\/a> by registering as a Virtual Asset Service Provider (VASP) in Argentina. <\/span>This move enables Binance\u2019s 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.<\/p>\n

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VASP approval<\/a> followed the recent <\/span>registrations in Kazakhstan<\/a>, India, and Indonesia,<\/span> allowing Binance to strengthen its regulatory foothold across the globe.\u00a0<\/span><\/p>\n

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Guilherme Nazar, Binance\u2019s Head of Latin America, says, \u201cArgentina 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.\u201d<\/span><\/p>\n<\/blockquote>\n

Thus, Binance\u2019s 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\u2014 its native cryptocurrency.<\/span><\/p>\n

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Former Binance CEO Changpeng Zhao (CZ) was released<\/a> 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.<\/p>\n

BNB Coin Hints 4% Drop Before Major Reversal<\/strong><\/h2>\n

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\u2019s grip over this asset.<\/span><\/p>\n

With sustained selling, the Binance coin price<\/a> 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.<\/span><\/p>\n

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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.<\/span><\/p>\n

However, if the BNB price breaks below support trendline, the bearish momentum will accelerate for a prolonged downfall to $471.<\/span><\/p>\n

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Frequently Asked Questions (FAQs)<\/h2>\n
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\n \tBinance recently achieved its 20th global regulatory milestone by securing approval from Argentina’s National Securities Commission (CNV)<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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\n \tThe $530 level serves as a critical accumulation zone for BNB, supported by the 200-day exponential moving average (EMA) and an ascending trendline<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

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\n \tThe ongoing geopolitical tension between Israel and Iran has contributed to renewed selling pressure in the cryptocurrency market<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n

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