Altcoin
Binance bids farewell to this country in the face of regulatory obstacles
Binance, amidst regulatory hurdles, makes a bold move by halting operations in The Netherlands. Traders brace for a further decline in BNB as sentiment remains negative.
- Binance Netherlands to cease registration of new users with immediate effect.
- BNB continues a downtrend for the third consecutive day, trading around $235.
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.
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Binance closes shop in The Netherlands
On 16 June, Binance made a significant announcement regarding its operations in The Netherlands. Effective immediately, new users from the Netherlands would no longer be able to register on the platform. Furthermore, starting from 17 July, existing users in the country could only withdraw funds, while trading and other services would cease to be available.
The reason behind this decision, as stated by Binance, was the inability to secure a license to function as a virtual asset service provider (VASP) in The Netherlands. This development followed an administrative fine of over $3 million imposed on Binance by the Dutch Central Bank in April 2022. The fine resulted from Binance providing cryptocurrency services in the country without mandatory registration with the DNB.
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.
Source: TradingView
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.
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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.
