Amidst Regulatory Challenges, Binance Halts Operations in The Netherlands
Amidst the regulatory challenges swirling around Binance.US and its ongoing tussle with the SEC, The Netherlands branch of the exchange has chosen to halt its operations within the country. This significant move was communicated to Binance users in The Netherlands through the latest report issued on 16 June.
This latest development adds to the recent episode involving Binance in France. However, according to the latest report, the situation in France was merely routine visits by French authorities. This stood contrary to the earlier reports suggesting a money laundering investigation.
BNB Continues a Negative Run
The recent news regarding Binance’s operations did not appear to have a noticeable impact on the price of BNB. If anything, BNB continued its downward trajectory. When analyzing its daily timeframe chart, it was trading at approximately $235 as of this writing. It experienced a loss for the third consecutive day, with a decrease of less than 1% in value.
Additionally, the Relative Strength Index (RSI) of Binance Coin (BNB) indicated a severe bearish trend. The altcoin stood a firm ground in the oversold zone. As of this writing, the RSI line had fallen below the 30 mark and hovered around 25. This suggested a persistently negative sentiment surrounding BNB.
Furthermore, the funding rate on Coinglass further reinforced the prevailing negative sentiment. According to data from Coinglass, the dominant funding rate was negative. This implied that traders were anticipating a further decline in the price of BNB.
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