Binance Secures Permanent Broker-Dealer Licensing in Abu Dhabi Amid Sharp BNB Decline
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ADGM claims it introduced “the world’s first comprehensive and robust virtual asset regulatory framework in 2018,” which is in line with the nation’s desire to become the epicenter of crypto in the Middle East
Binance originally got a limited license in March to operate as a cryptocurrency exchange in Dubai under requirements. The nation also granted similar licenses to other digital asset exchanges like CryptoCom and FTX, with the latter revealing plans to situate a regional headquarters in Dubai.
Commenting on the latest developments, Abu Dhabi Global Market CEO Dhaher bin Dhaher noted that he was excited about Binance’s approval and that he supports its growing footprint in Abu Dhabi. Dhaher continued:
“ADGM is the largest regulated jurisdiction of virtual assets in [the] MENA region, and Binance’s participation will add to its vibrant and trusted ecosystem of virtual asset trading venues, global exchanges, and service providers.”
Head of MENA for Binance, Richard Teng, explained that his company worked closely with global regulators “as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem.”
Key Binance Coin Levels to Watch — April 11
Binance Coin (BNB) has come under intense bearish pressure as the cryptocurrency nears the $400 critical support amid a pronounced bearish tone in the broader market.
After defending the $420 support for over two days, BNB bulls threw in the towel at the opening of Asian markets on Sunday, which flooded the market with fresh bears. The fourth-largest cryptocurrency currently trades around the $402 level, its lowest point in three weeks, as bears aim for lower.
That said, the $400 support line will play a crucial role for BNB bulls, as it is the last defense before the $370 region.
Meanwhile, my resistance levels are $410, $420, and $436, and my support levels are $400, $380, and $370.
Total Market Capitalization: $1.89 trillion
Binance Coin Market Capitalization: $66.8 billion
Binance Coin Dominance: 3.5%
Market Rank: #4
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