Binance, the world’s largest cryptocurrency exchange by volume, has suspended its operation in Israel due to requirements by the regulator.
The Israel Capital Markets Authority has asked Binance to clarify the nature of its activities and is also inspecting the trading platform’s permits. As a result, the cryptocurrency exchange ceased operations in the country.
Binance has seen exponential growth since its inception in 2017. Launched by Changpeng Zhao, the exchange now boasts a daily trading volume of $2 billion and ranks as one of the top crypto exchanges by volume. The company’s mission is to make it easy for anyone to participate in the emerging digital assets market.
The cryptocurrency exchange Binance has come under increased scrutiny from regulators in recent months, including a probe by the Securities and Exchange Commission of the United States of America (SEC).
In 2021, the exchange was obliged to defend itself against the United Kingdom’s regulators, who barred the platform from operating unless it met a set of pre-determined requirements.
If earlier analysts, assessing the price trend of Binance Coin, predicted an upward trend with an exit from the $ 430-440 zone, now they promise a protracted bearish movement.
At the same time, it is unlikely that the suspension of work in a single country will have a long-term negative impact on the price of BNB.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.