Monday, December 5 2022

Binance is the world’s leading crypto exchange, with several digital tokens available to traders and investors. Its commercial volume makes it the largest in the world.

Binance primarily provides a seamless crypto transaction experience to its users. It also offers digital wallets for those who want to keep their digital assets.

However, some countries do not support using the Binance platform. This fact has resulted in the time-freeze or permanent closure of the wallets of some Binance traders and investors. But the crypto exchange continues to push, evidenced by its recent achievement.

Binance Acquires Another Operational License

Binance continues to expand its tentacles all over the world. It eventually expanded to the United Arab Emirates. The crypto exchange is now ready for digital asset transactions in the ADGM (Abu Dhabi Global Market).

Recently, Binance received an FSP (Financial Services Permission) from the FSRA (Financial Services Regulatory Authority) in ADGM. The company can now to offer its crypto services in the emirate’s global market through this license.

For example, the company will be in charge of storing and securing the crypto assets of professional clients. However, the company must meet the FSP requirements of the FSRA.

The company will likely meet those requirements given its ADGM achievement earlier this year. In April 2022, the ADGM authority offered Binance an IPA (In-Principle Approval). The company can legally perform digital currency brokerage services through this license.

Countries Withdraw Crypto to Fiat with Binance

Some countries are not interested in converting digital currencies into fiat. The operation comes with strict regulations for other countries, and not every crypto investor or trader would want to follow such rules.

The fact that Binance only allowed crypto-to-crypto transactions, until recently, made it functional in multiple countries. But there are other reasons why some countries prohibit the use of the platform, such as not following their rules and regulations.

In the meantime, the company does not have an official list of supported countries. But it operates in many countries across Asia, Europe, Americas, Africa, etc.

Although no official list shows the countries in which Binance operates, it can operate in many countries. These countries include Belgium, Germany, UK, Italy, France, etc.

Investors hope that the recent completion of the exchange will positively affect the token in a short period of time. But until then, the market remains in the red zone.

Market monitoring on Binance coin is not projecting any positive report. This is evident from the token’s 24-hour price movement of -1.26% at the time of this piece. The coin is now trading at $272.73, according to data from CoinMarketCap.

Binance receives FSP license in Abu Dhabi amid FTX fiasco
BNB price is trading below $300 l BNBUSDT on Tradingview.com
Featured Image From Pixabay, Charts From Tradingview.com

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