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Is it Time to Short Binance? $BNB

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Splits among US Department of Justice prosecutors are delaying the resolution of a protracted criminal investigation into Binance, the largest cryptocurrency exchange in the world, according to four people with knowledge of the situation who spoke to Reuters.

According to these persons, the inquiry was launched in 2018 and is concentrated on Binance's compliance with American anti-money laundering rules and sanctions. According to two of the sources, several of the at least six federal prosecutors working the case feel that the information previously acquired supports taking serious action against the exchange and charging certain officials, including the founder Changpeng Zhao, with crimes. The sources claimed that others have urged for taking the time to consider further evidence.

After the business disclosed that the activity in question had nothing to do with compromised accounts or leaked API credentials, Changpeng "CZ" Zhao, CEO of Binance, said that the "abnormal" trading of altcoins on the site seemed to represent market behavior.
The severely unstable cryptocurrency industry is playing with fire. Binance's hold on the market might be lessened if Zhao and Binance are found to be guilty. Because of the most recent failure of competitor exchange FTX, its grip has become stronger.

Over the course of 2022, Reuters looked into Binance's compliance with financial crime laws. According to the investigation, Binance maintained lax anti-money laundering safeguards, processed more than $10 billion in payments for criminals and businesses trying to circumvent U.S. sanctions, and planned to get around regulators both domestically and abroad.

Binance has contested the stories, claiming that the depiction of its compliance systems is out-of-date and that the estimations for illicit funds are incorrect. According to the exchange, it is promoting stronger industry standards and working to further strengthen its capacity to identify unauthorized cryptocurrency activities on its platform.

Binance, which Zhao founded in Shanghai in 2017, currently rules the cryptocurrency market. In October, the exchange completed trades totaling nearly $1.6 trillion, or about half of the total trading volume in the cryptocurrency market. According to the data website CryptoCompare, that amount eclipsed its previous rival FTX, which processed $230 billion in trades that month. Early in November, FTX collapsed, sparking a surge of public calls for more regulation of the cryptocurrency sector.

Analysis of the pricing of Binance coin

According to the price of Binance Coin, the exchange coin is trading downward and mirroring the general market attitude. As a result of intense selling pressure below $280.0, the BNB/USD pair is currently trading at $275.23. Right now, as the price gets closer to the $270.0 support level, it appears as though there may be additional short-term losses. On the upside, the $280.0 level serves as an initial resistance; if this level is broken, the price may rise again toward the $290.0 resistance area.
The $270.0 support level and the 100 SMA should be watched closely by traders going forward (4-hour). A daily closure below this mark may perhaps lead to further falls in the near future into the $235.0 support region.

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