Binance is in the news Monday as the cryptocurrency exchange moves forward with plans to expand into the Middle East.
Here’s what traders need to know about that news.
- The big crypto news traders need to know about today is Binance getting “in principle” approval to operate in Abu Dhabi.
- This comes from the city’s Financial Services Regulatory Authority and gives it the ability to act as a broker and dealer in digital assets.
- Binance’s push into the Middle East comes after several other countries have given it the cold shoulder.
- However, company CEO Changpeng Zhao says this isn’t the case.
- He also mentions that there’s more for crypto traders to look out for in the future.
- So what does this mean for Binance and its BNB (BNB-USD) crypto?
- It’s possible we could see a rise in price for the crypto as more countries give approval to the exchange.
- On the flip side of that, the already cold reception it’s received in some countries may continue to weigh the digital asset exchange down.
Richard Teng, head of Binance’s operations in the Middle East and North Africa, told Bloomberg the following about today’s crypto news.
“Binance has been actively engaging global regulators, such as ADGM, as part of its ongoing commitment to uphold global standards and collectively foster the developments and sustainable growth of the crypto ecosystem.”
BNB is down 3.8% over a 24-hour period as of Monday morning.
There’s more crypto news for traders to check out below!
We’ve got all the hottest crypto news that traders need to know about for Monday! That includes what’s happening with Decentraland (MANA-USD), BitNile Holdings (NYSEMKT:NILE), as well as some cryptos to watch. You can find out more about these matters at the following links!
More Crypto News for Monday
- Decentraland May Have Peaked as Virtual Land Sales Stall
- It’s Still Too Hard to Tell If BitNile Holdings Is a Bargain
- 3 Cryptos to Keep an Eye on Following Their March Rise
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
