Binance wins regulatory approval in France; what could this mean for BNB?
- France became the first big European nation that granted Binance regulatory approval.
- Binance is now listed as a registered digital asset service provider within the French stock market watchdogs
- The CEO of Binance, described France as a “very progressive” country in terms of crypto adoption.
BNB BNB/USD is the native cryptocurrency token that is used as a means of paying for transactions and trading fees on the Binance cryptocurrency exchange, as well as across the entire ecosystem.
France’s regulatory approval as a catalyst for growth
Binance has officially been granted approval in France to operate its cryptocurrency exchange.
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In fact, Binance got listed as a registered digital asset service provider by the French stock market watchdog known as AMF. This, in turn, enables it to offer trading and custody services for Bitcoin as well as other cryptocurrencies.
Binance is one of the largest cryptocurrency exchanges on a global scale, and the company handles spot trading volumes of over $14 billion, as well as nearly $50 billion in derivatives volume throughout the span of a day.
This move makes France the first major European nation to give Binance the green light to operate, and the company is supervised in Lithuania by the country’s anti-money laundering regulators and is on its path towards seeking regulation with the Swedish finance watchdogs.
Should you buy BNB (BNB)?
On May 5, 2022, BNB (BNB) had a value of $399.3.
In order for us to see what kind of value point this is for the BNB cryptocurrency, we will be going over its all-time high point of value, alongside its performance throughout the previous month.
The all-time high of the BNB (BNB) cryptocurrency was on May 10, 2021, when BNB reached a value of $686.31. Here we can see that at its ATH point, the token was $287.01 higher in value, or by 71%.
However, when we go over the performance of the token throughout the previous month, BNB (BNB) had its highest point of value on April 5, when the token reached a value of $458.17.
Its lowest point was on April 25, when it decreased to $383.93. This marked a decrease in value of $74.24 or 16%.
However, with this regulatory approval, Binance and its BNB crypto can grow in value. We can expect that, by the end of May 2022, the BNB token can reach a value of $430.
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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.