The latest warnings by the Italian and Hong Kong’s regulatory authorities about Binance’s operations in their countries has hit the BNB/USD pair. Consequently, Binance has put up a disclaimer as required by the Financial Conduct Authority and halted all trading of stock tokens effective immediately.
Recall that Binance introduced trading of stock tokens in April, starting with Tesla. This action drew the ire of Germany’s regulator BaFin and opened the door to all the negative regulatory scrutiny Binance is facing. The latest warning comes from the Hong Kong Securities and Futures Commission, saying the exchange is not licensed to operate in the area.
The latest development adds fuel to bearish Binance Coin price predictions, with the token losing 1.96% as of writing.
The latest downside move preserves the resistance at 314.94. If this sets off more selling on the BNB/USD pair, we could see 278.12 come into the picture as the next downside target. Below this level, 249.72 and 217.31 come into the picture as other targets to the south.
On the flip side, recovery on Binance Coin requires the price to break above 428.02, which in turn requires the uncapping of resistance barriers at 314.94, 333.89, 357.04 and the 400.00 psychological price mark. Following these sequential price breaks, 479.94 (22/25 April lows) and 520.77 (19 May high) become new targets to the north.
