- Binance has ceased trading in Israel as the country’s capital markets authority reviews licensing for the exchange.
- The price of the native token of the world’s largest exchange, Binance Coin, fell after the announcement of the cessation of trading activities.
- Analysts are bearish on Binance Coin and believe the token may continue its downward trend.
The Israel Capital Markets Authority is reviewing Binance’s licensing. As the authority continues its review, Binance has halted operations in Israel.
Analysts Predict Continued Binance Coin Downtrend
The Capital Markets Authority in Israel is the regulatory authority responsible for granting exchange licenses in the country.
The regulator has asked Binance to clarify the nature of its activities and is in the process of reviewing the licenses of the world’s largest exchange.
In response to the regulator’s intervention, Binance halted all trading activities. Binance has come under increased regulatory scrutiny in recent months, facing an investigation by the US Securities & Exchange Commission (SEC).
The exchange faced an uphill battle with regulators in the US and UK in 2021. The exchange removed support for Hebrew (the local language) and currency, Shekel, to comply with regulations.
Binance has proactively responded to regulatory concerns in the past, as in previous instances.
Analysts assessed Binance Coin’s price trend and argued that the token is likely to continue its upward trend if it breaks out of the $430-$440 zone.
The exchange’s native token failed to break out of the zone and started a downtrend. @WalterCripto, an analyst and trader, notes that Binance Coin’s downtrend may continue based on the token’s price trend analysis.
FXStreet analysts have an opposing view, predicting a breakout to $555 as Binance price swings a significant level.