In light of the growing global scrutiny and economic sanctions on Russia, Binance, the world’s largest cryptocurrency exchange, is contemplating a complete retreat from the Russian market. As international tensions rise, the crypto behemoth is keen on distancing itself from any implications of facilitating unlawful transactions for Russians.
The Backdrop: Binance and Russia
Binance’s relationship with Russia has seen turbulent waves in recent months. Following the commencement of Russia’s actions in Ukraine, the exchange voiced a reduction in its dealings within the Russian territory. This appeared to align with the European Union’s robust sanction directives.
Yet, skepticism surrounds Binance’s actual implementation of these limitations. Critics have raised concerns over the company’s multi-layered intermediary system, suggesting it could be a potential avenue for sanctioned Russian entities to convert their funds into Binance balances covertly.
The severity of these implications was underscored by revelations that Binance’s peer-to-peer platform had listed major sanctioned Russian banks, such as Rosbank and Tinkoff Bank, as viable payment options. Such associations have not gone unnoticed, with the U.S. Treasury Department expressing significant concerns about these platforms potentially becoming conduits for sanctions evasion.
Taking Precautionary Measures
Binance has started implementing more rigorous measures in its Russian operations to distance itself from these controversial allegations. A recent communication to its users signaled a restriction in its peer-to-peer trading within Russia. The updated guideline mandates users to only exchange digital tokens for rubles, cutting off other currency options.
Moreover, the exchange has severed ties with several blacklisted Russian banks on its P2P platform. While this move is seen as a proactive measure to dissociate from any potential sanctions breach, it illuminates the scale of Binance’s challenge in ensuring its operations remain above board.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
© Reuters. Dogecoin (DOGE) Plunges 20% As Elon Musk Contemplates Twitter ResignationThe recent poll by Twitter CEO Elon Musk ended up with the majority of voters thinking that Elon ‘The Dogefather’ Musk should step down from his position as Chief Twit. Even though Musk promised that he would abide by the opinion of his audience, one of the world’s richest people also said that he hadn’t found a suitable substitution just yet.
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I will resign as CEO as soon as I find someone foolish enough to take the job! After that, I will just run the software & servers teams.
— Elon Musk (@elonmusk) December 21, 2022
A Week Of Intense Crypto Winter For DOGE
The top dog memecurrency (DOGE) was at the center of attention for the bigger part of the week on Crypto Twitter. As Tesla (NASDAQ:) Phone talks once again sparked a mini bull for the canine coin, there’s also a lot of speculation going on around Dogecoin’s (DOGE) role in Twitter 2.0.
Earlier, when Elon Musk acquired Twitter at the end of October, ‘The Dogefather’ announced plans to integrate a crypto wallet into the micro-blogging platform. By this scenario, Dogecoin (DOGE) could be the financial centerpiece in Twitter 2.0, also serving as the default payment method for SuperFollows, Tips & Subscriptions.
Meanwhile, most of the altcoins took a big hit in the last 7 days, as the crypto markets are still bleeding from the wounds left by the disgraced Sam Bankman-Fried and his utterly corrupt FTX exchange.
gm/GN #dogefam #dogecoin pic.twitter.com/xBfsVkGIuS
— ĐJ Đoge (@djdoge69) December 21, 2022
DOGE Slips 20%, Community Remains Optimistic
At press time, the 8th ranked leader of the memecoins Dogecoin (DOGE) is priced at $0.073420, according to CoinGecko. The popularity of the canine cryptocurrency wasn’t enough to retrieve its crucial resistance level of $0.09, which DOGE managed to keep for the bigger part of post-Musk Twitter.
Be that as it may, the DOGE Army is amongst the widest and most active communities in the crypto space. As the world is in preparation for the uplifting and spiritual joy of Christmas, the DOGE Army remembers their slogan “Do Only Good Everyday” and keeps Crypto Twitter’s chins up with festive memes during this windy and frosty crypto winter.
Someone looks busy #DogecoinToTheMoon #doge #dogecoin pic.twitter.com/VNOnJ6MfgL
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- Cardano price is consolidating inside a symmetrical triangle, hinting at a 17% breakout.
- The upside for ADA seems to be limited at $2.76 or the 70.5% Fibonacci retracement level.
- The commercial arm of Cardano establishes EMURGO Africa to help 100 startups, among other things.
Cardano price is currently consolidating with no directional bias in sight. Moreover, the upside for ADA is infested with stacked resistance barriers, making a bullish scenario an uphill battle.
Emurgo establishes in Africa
EMURGO, a commercial arm of the Cardano blockchain, announced the establishment of EMURGO Africa recently. As a wholly-owned subsidiary of the Cardano ecosystem, EMURGO will invest in “early startup and growth companies focused on building socially impactful solutions powered by Cardano. The investment process will be done by EMURGO Africa and EMURGO Ventures.
The grand vision of this arm is to establish Cardano as the standard tech infrastructure platform in Africa to bring financial empowerment.
The announcement further added,
To mark EMURGO Africa’s official launch and first portfolio investment, it has forged a strategic partnership with Adanian Labs – a successful pan-African venture studio and incubator currently provides services all over Africa with focuses on building impact driven tech start-ups across key sectors.
Cardano price at decisive moment
Cardano price set up three lower highs since September 18 and two higher lows in the same time frame. Connecting these swing points using trend lines results in the formation of a symmetrical triangle.
This technical pattern has no directional bias, but a target is obtained by adding the distance between the first swing high and swing low to the breakout point.
Assuming a Cardano price breaches the upper trend line around $2.27, the setup forecasts a 17% upswing to $2.65, coinciding with the 62% Fibonacci retracement level. However, this run-up will not be easy as it would require ADA to slice through the $2.39 and $2.51 resistance barriers.
If Cardano price manages to breach through this and retest $2.27, there is a chance that an increased bullish momentum could trigger a retest of $2.76.
ADA/USDT 12-hour chart
On the other hand, if the ADA price fails to slice through the upper trend line, it is likely to venture lower and retest the inclined trend line of the symmetrical triangle. A breakdown below this barrier of around $2.09 will forecast a 17% downswing to $1.73.
Similar to the stacked resistance barriers in the case of a bullish breakout, Cardano price has $1.99, $1.91 and $1.81 stable support floors. Therefore, investors can expect the selling pressure to reduce after retesting either of these before tagging the intended target at $1.73.