Binance Wallet Shuts 600 Accounts Over Fraudulent Bot Trading
Binance Wallet, a custody service of the major cryptocurrency exchange Binance, announced it has closed 600 user accounts for fraudulent use of automated trading tools. This action came amid recent market turbulence.
- The price of BNB briefly dropped to $1,070 before rebounding to $1,120.
- The $1,350 level on the BNB/USDT chart is identified as key resistance.
- Binance plans to offer up to 50% of recovered funds as rewards for reporting fraudulent accounts.
- Other cryptocurrencies such as Solana (SOL), Ripple (XRP), and Tron (TRX) saw gains of 2%-3% after the news.
- A $1.2 billion market-wide liquidation on Friday led to temporary sell-offs across major altcoins.
- Technical indicators show potential resistance near $1,350, with Bollinger Bands indicating support around $1,167.
- The MACD suggests early recovery momentum, while BBP indicates strong overhead resistance remains.
- For a bullish breakout, the price must exceed $1,350 and sustain above $1,360.
- Failure to hold support at $1,060 could expose the $950 level.
- Binance's measures against bot trading may stabilize investor confidence, potentially boosting BNB if buying momentum resumes.
