Binance Goes Live in India as a Registered Entity, Potentially Opening Crypto to Nearly 100 Million Traders

Binance, a leading cryptocurrency exchange, has secured regulatory approval to resume operations in India, opening its platform to nearly 100 million potential crypto traders in the country. The exchange had previously faced a seven-month ban in India due to regulatory noncompliance issues.

Regulatory Challenges

Globally, Binance has encountered numerous regulatory hurdles. In the United States, the firm recently settled a lawsuit with the US government, agreeing to a $4.3 billion settlement. Binance's CEO, Changpeng Zhao, also faced legal repercussions, including stepping down and a four-month prison sentence. Additionally, Binance paid $2.25 million in penalties to the Financial Intelligence Unit (FIU) of India to facilitate its registration.

Market Impact

India's cryptocurrency market is significant, ranking among the top five countries by transaction volume across various crypto platforms, including centralized and decentralized exchanges, lending protocols, and smart contract tokens. With this regulatory milestone, Binance aims to leverage its full suite of services to cater to India's extensive crypto trading community.

BNB Token Performance

Binance’s native token, BNB, has been experiencing a sustained upward trend. Technical analysis suggests that BNB could potentially increase by 16%, targeting a price of $600. Key resistance levels include $560.90, corresponding to the 50% Fibonacci retracement level. The Moving Average Convergence Divergence (MACD) indicator supports this bullish outlook, showing positive momentum. However, BNB may encounter support around $500 and could face further liquidity sweeps in the Fair Value Gap between $434 and $462 if there is a market correction.

BNB/USDT daily chart