By Alicia Maher
The Binance exchange official Twitter page has revealed that the leading exchange will embark on maintenance on the ADA wallets on its platform start from the last day of this month, and it will be completed in less than nine hours.
Binance announcement. Source: Twitter
Throughout the maintenance period, no user will be able to make any ADA deposit or withdrawal. However, the announcement didn’t specify what happens with ADA trading pairs during the maintenance period.
Binance Is In The Clear With UK FCA
The UK’s top financial watchdog has cleared Binance to resume their operations in the country. The news followed eight weeks of accusing the leading exchange of running illegal operations in the country.
Part of the FCA announcement reads thus: “the FCA sent a warning notice to Binance on May 25, but all issues are resolved now.” Binance’s stock tokens offerings in April 2021 were the first time the FCA had cause to investigate business operations.
Four weeks later, the FCA forbade Binance from running any crypto exchange-related operation in the country. It further said that Binance would need its express permission duly written and signed before undertaking any regulated operation. After that news broke out, several Binance financial partners dissociated themselves from the exchange.
Since that time, Binance has been working hard to resolve the situation. First, it stopped the stock token product offering, then it changed its official personnel and reviewed its KYC requirements. Binance CEO was also quick to break the news saying on his Twitter timeline, “slowly but surely.”
Binance Coin Is Bullish Again
While the entire crypto market is on a downtrend, the Binance coin is bullish. It has hit various higher highs. Before experiencing a price correction to about $492, BNB rose to almost $519. That would be its multi-month high and 100% value increase following the crash of the entire market three months ago.
It also means it has posted significant gains more than the king coin, which posted 75% gains during the same period under review. Despite the bearish months when the entire crypto market was down, BNB displayed solid strength hitting some higher lows.
BNB rose by almost 2,000% during the first quarter of the year, and it seems to have embarked on a new bullish run. In the last couple of weeks, it has maintained this bullishness despite the Binance exchange being under scrutiny by various regulators.
Technical indicators (especially the 20 and 50 SMA) show that the bulls aren’t giving any room for the bears. After retreating from an intra-day high yesterday, the 4-hour chart indicates that BNB is slowly surging over the 20 SMA. Hence, BNB remains bullish, and it is best to ride on the wave of this bullishness.
Binance exchange has been struggling with regulatory scrutinies from various regions this year. Thus, the exchange has had to cease running its operations in such areas. Besides regulatory authorities, Binance is also involved in a legal altercation with some aggrieved traders who are suing the exchange for lack of professionalism towards its retail traders.