Indian crypto exchange WazirX is not a part of the Binance exchange, and Binance CEO Changpeng Zhao confirmed this on his verified Twitter handle. An anti-crime agency alleged WazirX for the infringement of foreign exchange regulations. Currently, they froze the assets of WazirX (around $8.16 million) and indicated that the authority aided some instant loan ventures on its network, which is against the foreign exchange regulation policies.
WazirX cooperates with the financial agency to adequately answer all the queries, but they disagree with the allegations. After this incident, several reports were published regarding the close association of WazirX and Binance. In 2019, Binance’s CEO talked about the acquisition of WazirX to strengthen the crypto economy in India. Later, WazirX also confirmed this news in the same year. Now Zhao debunked the news saying the deal was not completed. They have no stake in Zanmai Labs (operating WazirX).
Moreover, Binance is working hard to stop financial criminality through virtual currencies. They have been following all foreign exchange regulations since its inception.
However, this news does not affect the price of BNB crypto. It has strong fundamentals, but a BNB investor cannot claim the profit of the Binance exchange. That is why the price of BNB is bullish after even such news. BNB price is determined by scarcity and inflation; it is not directly related to the performance of Binance platforms.
At the time of writing this post, BNB was trading around $326.5. Though it has been forming higher highs and higher lows for the short term, $370 and $400 will work as resistance levels. We think BNB will cross the resistance of $370 decisively and might come down again after hitting $400.
Most of the technical indicators are bullish; especially RSI is at 75, which is an overbought zone. MACD and Bollinger Bands also suggest strong bullish momentum, at least for the short term.
On the weekly chart, it has formed five consecutive green candles. Technical indicators like MACD, RSI, and Bollinger Bands also suggest bullishness for the long term. Binance is a fundamentally strong coin, and we think it is a good time to accumulate coins so that you can sell them at a higher level.