Key Insights
- According to reports, the crypto exchange is set to launch some crypto-custody services in the United Arab Emirates capital.
- The results of their efforts have become evident this week after receiving a “Financial Service Permission (FSP)” from Abu Dhabi’s Financial Service Regulatory Authority (FSRA).
- On 8 November, the price of BNB soared to $398.
Binance is headed to Abu Dhabi. According to reports, the crypto exchange is set to launch some crypto-custody services in the United Arab Emirates capital.
Binance is the largest crypto exchange in the world by trading volume and is quite popular worldwide. However, due to the risky nature of crypto investments, the exchange is prohibited in some countries.
These prohibitions and regulatory measures have resulted in the freezing and closure of several customer accounts and wallets. However, the exchange continues to strive for acceptance and adoption.
The results of their efforts have become evident this week after receiving a “Financial Service Permission (FSP)” from Abu Dhabi’s Financial Service Regulatory Authority (FSRA).
Binance Obtains Financial Service Permissions
Some of the permissions that come with the FSP license mean that Binance’s crypto custody services will become available in the Abu Dhabi Global Market (ADGM).
In detail, if professional clients meet the requirements of the FSP as laid out by the Abu Dhabi Regulatory Authority, Binance will be able to provide custody to them under the license. Expressly, Binance was granted In-Principle Approval (IPA) by the ADGM authority in April 2022 to function as a broker-dealer in virtual assets.
Since the exchange got approved by the ADGM earlier this year, it will likely fulfill the requirements to operate in the United Arab Emirates.
The ADGM authority provided Binance with an IPA in April 2022. (In-Principle Approval). The business is authorized to deliver broker-dealer services for digital currencies through this license.
Overall, Binance operates in several countries across several continents. Therefore, the general crypto market hopes this new development will be positive for Binance’s native cryptocurrency, BNB.
Binance (BNB) Price Analysis
On 8 November, BNB soared to $398, but as evidenced by the day’s candlestick’s long wick below, the bulls could not push the price higher. Finally, on 9 November, the selling persisted and drew the price dangerously close to the $258 strong support.
On 10 November, the bulls started to push the price upwards. But they could not create an engulfing candlestick pattern and raise the price above the $320 zone or the 50-day Simple Moving Average (blue).
Overall, the cryptocurrency price has reversed for a retest of the critical $266 support and may bounce from this level into a retest of the $400 high it could not break.
However, a break below this $266 zone would signal the continuation of the BNB dip and may take the price of the cryptocurrency as low as the next $240 support.
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