A few days ago, India’s Financial Intelligence Unit (FIU-IND) imposed a fine of $2.25 million on Binance for failing to comply with anti-money laundering regulations in India. After the news came out, BNB price dropped more than 5%, and investors are already booking their positions in Binance and looking for new opportunities.
A huge inflow has been seen in two coins, Near Protocol and DTX Exchange, from the Binance investors. After continuous bearish sentiments in Near Protocol, it is trading in green this week. Major inflow has been seen in DTX Exchange, a new trading platform that has already doubled from last month.
Binance, the world’s largest cryptocurrency exchange, has been fined around $2.2 million for anti-money laundering activities. They said Binance was offering services to Indian clients without following the country’s anti-money laundering rules. This decision follows the blocking of nine offshore exchanges in India for failing to register and comply with local regulations.
The Financial Intelligence Unit (FIU) Director, after reviewing Binance’s written and oral submissions and the available evidence, concluded that the charges against Binance were valid.
Fear in investors has already been seen as the BNB price has dropped from the last swing high of $721.64 to the current price of $574, a decrease of around 20%. However, the BNB price is taking support from the ascending triangle, from which it has taken support twice.
Near Protocol (NEAR) is a decentralized application platform that aims to make blockchain technology more user-friendly and scalable. While many other cryptocurrencies have declined, even major ones like Bitcoin dropping below $60,000, Near Protocol shows strength during the market correction.
From the swing low of $4.470, Near Protocol has increased more than 15%, currently trading at $5.27 at the time of writing. However, investors are concerned because this move came after a decline of nearly 47% from the top and could be short-lived.
After the negative news in Binance and BNB price dropping over the week and Near Protocol facing a long-term bearish trend, more money has been shifted by the investors in new potentials like DTX Exchange (DTX.
DTX Exchange is a decentralized trading platform where you can trade cryptocurrencies, forex, equities, and contract-for-differences (CFDs). With advanced infrastructure and innovative features, DTX offers traders unmatched trading opportunities and also, and DTX will be the first major exchange to offer 1000X leverage without any KYC requirements.
DTX aims to become a top player in the market, outpacing big exchanges like Binance. Currently, DTX tokens are in the second stage of presale, priced at $0.04 each. This is a 100% increase from the first stage. In the next stage, the price will rise to $0.06.
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