As the cryptocurrency industry keeps facing a major downfall, almost every crypto firm is trying its best not to go bankrupt.
Crypto firms have been doing whatever they can to cut their operational costs and survive and get through the difficult times.
While the rest of the crypto sector continues to struggle, Binance on the other hand has been performing really well.
The exchange has been aggressively expanding its business throughout the world and it is even doing that in the gulf region.
Binance Enters Abu Dhabi
The cryptocurrency exchange has been on a streak of expanding its business from one gulf country to another. So far, the exchange has not faced any failure in gaining access to the gulf countries.
Just recently, the officials at Binance shared another victory they were able to gain in Abu Dhabi. The officials revealed that they now have the go to operate as a financial services firm in the state.
Abu Dhabi Regulators Permit Binance
The Financial Services Regulatory Authority and Abu Dhabi’s Global Market (ADGM) have recently granted clearance to Binance for operating in the state.
With the permission, the exchange will be able to offer its services to the locals in Abu Dhabi. The exchange will not face any obstacles or legal actions as it operates and offers financial services to the locals.
Financial Center made the Announcement
The financial center of Abu Dhabi made an official announcement about granting the exchange access to financial operations in the country.
The exchange would have the ability to offer cryptocurrency custodial services to individuals, retailers, and professional clients in the state.
The financial center announced that the exchange needed to comply with the rules and had to fulfill certain requirements to be eligible for the permit.
As the exchange has fully complied with the rules and has successfully met all the requirements, it is allowed to operate in Abu Dhabi.
Binance Keeps Growing Worldwide
Binance is on the verge of becoming the cryptocurrency exchange that no other crypto exchange can even imagine competing with.
The exchange has been expanding all across the globe. Binance has already made it into the news by expanding its business to Japan and Brazil.
As communicated by the Binance CEO, their aim is to bring crypto to the mainstream platform. For this purpose, they will continue expanding their business and they will keep normalizing the adoption of crypto.
While Binance keeps expanding, its native token “Binance Coin – BNB Coin” is also gaining quite a recognition. Even in the recent market downtrends, BNB’s performance has been better than BTC and ETH.
Even in the past 24 hours, BTC and ETH have suffered 4.28% and 4.27% price dips respectively. On the other hand, BNB has suffered a 2.84% dip in the past 24 hours.
As Binance keeps expanding itself, the price of BNB would continue surging.