Bearish Binance Coin price predictions were strengthened today after Malaysia’s Securities Commission enforced a ban on Binance Holdings and three global entities under it, effectively stopping all trading on the exchange from Malaysia. The enforcement action includes the disabling of the company’s website and trading exchange on Malaysian servers, and a ban on all media and marketing activity. Binance has also been asked to delete all Malaysian investor accounts from its Telegram group.
This action is the latest in a string of regulatory suppressions on Binance across the world. India is also said to be considering a similar ban. However, Malaysia’s Securities Commission left a window open for the Binance exchange, saying that it must be registered as a Recognized Market Operator (RMO) under the Capital Markets and Services Act of 2007.
Binance on its part, is eagerly trying to warm its way back into the hearts of European regulators, as it has disabled all futures and margin trading for its European clientele. This move comes after the exchange limited leverage on its derivative products for other global users to X20.
Binance Coin reacted negatively to the day’s events, falling 1.99% as of writing.
The intraday decline following the failure of preceding candles for the week to touch off the 333.89 resistance portends further weakness for Binance Coin. The violation of the 314.94 support needs to turn into a 3% penetration close below this level and the ascending support trendline to confirm the breakdown. This opens the door towards 278.12, with 249.72 and the price wall at 222.96/210.91 forming the additional downside targets.
On the flip side, if price holds above the trendline and eventually stays above 314.94, this would give the bulls a chance at targeting a break above 333.89. A successful break opens the pathway towards 357.04, with 379.84 serving as an additional target to the north.