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UK Bans Binance: The Crypto Crackdown Continues

6/28/2021

After China's restriction on crypto mining and transacting, The United Kingdom has decided to start their own policies toward the market. The Financial Conduct Authority has banned the largest trading platform in crypto known as Binance. There were conditions that the platform could not meet in its anti-money laundering requirements which caused the FCA to ban the service. However, the ban only accounts for regulated brokers which means that unregulated services can still provide Binance, and crypto traders in England can still access Binance's website.

Our outlook

Most of the crypto market seemed to have shrugged off these worries of countries tightening regulation as it does serve as the market becomes more recognized. This ban seems very mild in comparison to other news as this doesn't really take away crypto trading in the UK, it only limits it to unregulated entities. I don't think this will cause big implications in the short term for the crypto market.

Trade Setups

BTCUSD

Bitcoin's price is down today but is still above moderate support around $33,582. On the 4H chart, price is still testing its consolidation zone and looks to have formed a double top in the $35,100s.

ETHUSD

Ethereum is one of the few coins that is up on the day as it crosses over its 50 SMA and a falling trend line on the 4H. Price is nearing resistance around $2,176 which looks like a key level for price to break. It also looks like Ethereum was able to bottom out in the $1,690s judging by price action in late May.

ADAUSD

Cardano is at an interesting level on the 4H chart. Price is testing a falling trend line and is trying to break above it, but continues to sit stagnant for the past five trading periods. If price can move above, big resistance lies around 1.601698 and at 1.822068.

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