Binance has access to 100 million crypto users in its return to India

• Binance is registering as a reporting entity with the Financial Intelligence Unit of India, according to the official announcement.
• The exchange’s website and app are once again available to nearly 100 million cryptocurrency traders in the country.
• BNB hovers around $520 early Thursday, Binance’s native token could extend gains to $600 target.

Binance, one of the largest cryptocurrency exchanges, has received regulatory approval to reopen its services and serve nearly 100 million cryptocurrency traders in India. The firm has faced several challenges with regulators around the world, including in India, where the platform was banned on non-compliance grounds for seven months.

Binance is currently facing litigation in the US, even though the firm settled a lawsuit against the exchange and former CEO Changpeng Zhao in April. The exchange agreed to pay $4.3 billion to the US government, and CZ’s CEO resigned and faces four months in prison.

Binance Pays $2.25 Million in Penalties and Opens Store in India

Binance has paid $2.25 million in penalties to register with India’s Financial Intelligence Unit (FIU), according to an official announcement. This is the 19th regulatory round for the exchange, which still faces legal challenges in the US.

India has nearly 100 million crypto traders and the exchange can offer its suite of services and tools to these users as a registered entity from August 15. A 2023 on-chain analysis report shows that India ranks in the top five countries by estimated transaction volume in the centralized system. and decentralized exchange platforms, lending protocols and smart contract tokens.

Binance’s BNB Could Extend Gains 16%

Binance’s native token BNB has been in an uptrend for several months, as seen on the daily BNB/USDT chart. BNB could extend gains by 16% and rise towards the $600 target, which broadly aligns with the July 29 high. On the way to $600, BNB faces resistance at $560.90, the 50% Fibonacci retracement of the decline from the June 6 high of $721.80 to the August 5 low of $400.

The Moving Average Convergence Divergence (MACD) momentum indicator shows that there is underlying positive momentum in the uptrend of the BNB. The MACD line crossed above the signal line, supporting the BNB’s bullish thesis.

BNB/USDT daily chart

Binance Coin could find support in the disequilibrium zone below $500, seen in the daily chart above. BNB could sweep liquidity in the $434-$462 fair value gap if there is a correction in Binance’s native token.