Binance Secures Regulatory Approval in India: How Will BNB React?
Crypto exchange Binance announced on Thursday its registration as a reporting entity with India’s Financial Intelligence Unit (FIU-IND), marking its 19th global regulatory milestone. While BNB’s price has shown potential for growth following this development, crypto investors are increasingly focused on ETFSwap (ETFS), a groundbreaking trading platform poised for a 4000x surge.
Binance Officially Launches In India
Binance’s registration with India’s Financial Intelligence Unit (FIU-IND) reflects the exchange’s commitment to anti-money laundering (AML) standards and compliance across all jurisdictions. Binance CEO Richard Teng expressed excitement about the company’s registration with the FIU-IND, emphasizing India as a vibrant and promising market for digital assets. He highlighted Binance’s commitment to serving Indian users by adapting its platform to local regulations and contributing to the growth of India’s digital asset ecosystem.
With this registration, Binance’s full suite of services is now available to Indian users, underscoring the company’s strategic expansion into the rapidly growing Indian digital asset market. Binance’s entry into India follows a $2.25 million fine from the FIU-IND for non-compliance with AML regulations. Additionally, the exchange received an $87 million goods and services tax (GST) bill in August for failing to comply with India’s tax regulations.
ETFSwap (ETFS): A Promising Alternative In The Crypto And Trading Platform
As the crypto ETF trading landscape continues to expand, ETFSwap (ETFS) is emerging as a premier platform offering unparalleled trading opportunities and innovative utilities. Built on the secure and reliable Ethereum blockchain, ETFSwap (ETFS) offers a variety of groundbreaking utilities and market making prowess that distinguishes it from established tokens like Binance Coin (BNB).
Among these groundbreaking utilities are the advanced AI-powered tools like the ETF Screener, ETF Tracker, and user-friendly interface, all designed to enhance the trading experience. What truly sets ETFSwap (ETFS) apart from traditional ETF brokers is its unique capability of bridging traditional finance (TradFi) and decentralized finance (DeFi), by tokenizing real-world assets and trading them on-chain.
Meanwhile, by working with MiCa-compliant regulated investment banks, the platform ensures that the tokenized assets are backed by securities from traditional financial markets, providing a reliable and secure trading environment for investors. This strategic positioning and comprehensive range of offerings establish ETFSwap (ETFS) as a significant player in the altcoin market, with the potential to deliver substantial returns to early investors. For ETFSwap (ETFS), traders are paramount.
The platform is designed with their needs in mind, offering a secure, user-friendly interface and a streamlined registration process that eliminates the need for KYC. To further reassure traders, the platform’s smart contracts have undergone a rigorous audit by CyberScope, a leading crypto security firm, with no vulnerabilities identified. Additionally, the ETFSwap (ETFS) team has completed KYC verification conducted by Solidproof, bolstering investor confidence.
How Will BNB Price React To This Recent Development?
Like most crypto assets, Binance’s BNB is at a critical juncture, poised for either a new all-time high (ATH) or further decline. However, given Binance’s recent entry into the Indian market, Binance’s native token BNB price is likely to closely follow the trajectories of Bitcoin (BTC) and Ethereum (ETH) in the weeks ahead. BNB is currently experiencing a multi-month upward trend, as indicated by the BNB/USDT daily chart.
The token could see a further increase of 16%, potentially reaching a target of $600, which aligns with the high from July 29. However, BNB will encounter resistance at $560.90, the 50% Fibonacci retracement level from its decline between the June 6 high of $721.80 and the August 5 low of $400. The Moving Average Convergence Divergence (MACD) momentum indicator shows positive momentum in the BNB uptrend, with the MACD line crossing above the signal line, reinforcing the bullish outlook for BNB.
Conclusion
Although Binance Coin’s (BNB) price is expected to surge with the recent development, ETFSwap (ETFS) stands to deliver profit. Its strategic positioning and comprehensive offering make ETFSwap (ETFS) a formidable force in the altcoin market. Moreover, analysts project a 4000% surge for the token. Join the platform’s ongoing presale and acquire its native ETFS tokens at the attractively low price of $0.01831.
For more information about the ETFS Presale:
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