Binance continues to close down some of its services in certain regions, with the latest country being South Africa.
Binance users based in South Africa will have until January 6th next year to manually close their derivatives positions as the exchange is halting these services. This is the latest action by the world’s leading crypto trading platform in its efforts to comply with local regulators.
- As announced earlier on October 8th, Binance has alerted its South African customers that it will cease offering any derivatives services. More precisely, those are trading of futures, options, margin, and leveraged tokens.
- Effective immediately, users based in the African nation will not be eligible to open new accounts for those products.
- Existing clients will have 90 days to “reduce and close their positions” manually. They will still be able to top-up margin balances to prevent margin calls and liquidations. However, they won’t have the option to increase or open new positions.
- Should users fail to close their positions by January 6th, 2022, at 11:59 PM (UTC), they will be automatically settled.
- Once again, Binance attributed this decision to its efforts to comply with local regulators. As previously reported, the exchange has faced enhanced scrutiny from watchdogs and had to close derivatives services in other countries as well.
- It has also undertaken numerous different actions trying to increase its regulatory compliance team, including the hiring of new personnel in its AML/KYC departments.
Binance Coin Price An Inch Away From Its ATH, Will BNB Price Hit $1K By EOY
After a slight flip from the bearish divergence, for a couple of days, the market appears to have fallen into the same well. Most of the altcoins including the dominant crypto Bitcoin are slumping down, yet trying hard to jump above $58K. However, after BTC & ETH, the 3rd largest crypto Binance coin is making a very drastic move without any noise and may hit its previous ATH well before both of them.
BNB price always preferred to be low-key with massive volatility so that the asset diminishes the distance to the ATH. The asset was still attempting hard to recover the losses incurred from May, yet the September drain dragged the asset below $350. However, without wasting much time, the Binance coin initiated with a strong upward trajectory to ignite a bull run towards its ATH.
BNB Price Analysis
Considering the recent moves made by the asset, one of the popular analysts believes the price to hit $750- $850 in the short-term. However, the potential target still remains around $1000 as predicted ever since the beginning of the bull run during the first half of 2021.
The upward trajectory can be clearly seen in the chart mentioned by the analyst ever since the trend flipped at the beginning of Q4. In an attempt to smash the ATH, the BNB price got rejected multiple times around $660. Yet sustained much above the 200-day MA and the uptrend line. And hence after a minute retest, the price may break through the newly formed resistance levels close to $660.
With a strong pierce through these levels, new ATH beyond $700 may be quite possible. Moreover, maintaining the current pace, the BNB price may also achieve the targets close to $800. And hence the yearly target for Binance Coin price still remains intact at $1000 and the possibilities of achieving appear to be more compared to BTC price or ETH price.
Top Crypto Analyst Says Ethereum-Based DeFi Protocol Primed for Breakout As Binance Coin Targets New Record High
A popular crypto analyst is detailing a set of new predictions for two large-cap crypto assets.
The trader, pseudonymously known as Smart Contracter, tells his 184,000 Twitter followers that Binance Coin (BNB) will likely hit a new all-time high (ATH) well before Bitcoin (BTC) surges above its current record high of $69,044.
“BNB [is] going to send to new ATH from here, probably going to hit it long before BTC does.”
Binance Coin, which is the native crypto asset of the Binance ecosystem, hit its current record high of around $687 in May of 2021 and is trading at $636 at time of writing.
The trader is also bullish on the core crypto asset of the Ethereum-based decentralized finance protocol Curve DAO Token (CRV).
Smart Contracter says that when paired against Bitcoin, CRV appears primed to break out from a 400-day range.
“400-day CRV breakout on the BTC pair underway. I’m ready for the fireworks.”
CRV is trading at 0.00009613 BTC ($5.65) at the time of writing.
Smart Contracter says that the DeFi token is likely on the verge of surging on the Bitcoin chart after an accumulation phase that had lasted over 365 days.
“CRV daily bull flag breakout on the BTC pair plus 12 month+ accumulation. Valhalla awaits.”
Check Price Action
Floki Inu ($FLOKI) Community Uses Petition to Request Binance Listing
The community behind the meme-inspired cryptocurrency Floki Inu ($FLOKI) has started a petition asking leading cryptocurrency trading platform Binance for a listing on it. Getting listed on such an exchange would significantly improve the cryptocurrency’s liquidity.
Through a petition created on Change.org that has already gathered over 14,000 signatures, the cryptocurrency’s community has pointed out that in just four months, $FLOKI is one of the top 70 cryptocurrencies by market capitalization, with a market cap of $2.6 billion.
The petition adds that the cryptocurrency has grown to have over 310,000 holders and a trading volume of over $280 million, despite not being listed on any major centralized exchange like Coinbase or Binance.
Notably, the cryptocurrency’s rival meme-inspired crypto Shiba Inu ($SHIB), has been listed on Binance, Coinbase, Huobi, KuCoin, Bitfinex, and other major cryptocurrency trading platforms. SHIB has, however, resorted to a petition to be listed on another exchange, the commission-free trading platform Robinhood. That petition has garnered over 500,000 signatures.
In its petition, Floki mentioned its “super aggressive marketing campaigns worldwide” which it claims is helping it become a “more recognized cryptocurrency compared to many cryptocurrencies in the top 10 [by market capitalization].”
As reported, FLOKI’s price surged last month after it launched a campaign on London’s public transport system with the slogan “Missed Doge? Get Floki” in a bid to “legitimize” the cryptocurrency and increase the “confidence of the average consumer” to buy it, according to the project’s head of marketing, which went by Sabre.
That campaign triggered a cryptocurrency ad crackdown that saw London’s transport authority, Transport for London, reveal concerns about the ads as these were promoting a little-known, unregulated financial asset that they claim could be open to manipulation such as pump-and-dump schemes. Floki Inu’s team hit back, saying the crackdown was “an attack against cryptocurrency and against the people’s freedom of choice.”
Notably, the Floki Inu community has also created a petition to get listed on the Nasdaq-listed cryptocurrency trading platform Coinbase. That petition has been signed by over 30,000 users at press time.