Binance Coin (BNB) Signals Bullish Breakout as the Exchange Announces Maiden Re-entry of the Indian Market

The post Binance Coin (BNB) Signals Bullish Breakout as the Exchange Announces Maiden Re-entry of the Indian Market appeared first on Coinpedia Fintech News

After teasing with a new all-time high above $700 in early June, Binance Coin (BNB) has continued to consolidate in a bearish outlook in the past few weeks. The large-cap altcoin has viciously defended its fourth position in the crypto industry by market data, despite the notable competition from Solana (SOL). 

According to the latest crypto data, BNB had a market capitalization of about $75.5 billion whereas Solana had a total valuation of around $67.6 billion.

Growing Web3 Ecosystem 

The Binance ecosystem has continued to grow in the past year despite the legal tribulations that led to the imprisonment of founder and former CEO Changpeng Zhao (CZ). 

According to the latest market data, the BSC network takes pride in more than $4.2 billion in total value locked and nearly $5 billion in stablecoins market cap. Some of the largest DeFi protocols on the BSC network include the lending platform Venus, and DEX protocol PancakeSwap (CAKE).

As an EVM-compatible chain, the BSC network has attracted more attention from the Ethereum ecosystem due to its reliable security, low transaction fees, and high throughput.

Regulatory Compliance 

Binance crypto exchange announced earlier today that it has received the necessary regulatory approval from India’s Financial Intelligence Unit (FIU) to begin offering crypto-related services immediately.

Binance with other global crypto exchanges paid a fine with the Indian regulator to be allowed to offer crypto-related services. Earlier in June, Binance made a settlement of $2.25 million with the Indian regulator, thus earning the necessary approvals.

“Our registration with the FIU-IND marks an important milestone in Binance’s journey. Recognizing the vitality and potential of the Indian VDA market, this alignment with Indian regulations allows us to tailor our services to the needs of Indian users. It is a privilege to extend the reach of our cutting-edge platform to this thriving market, supporting India’s continued VDA evolution,” Richard Teng, Binance CEO, noted.

What Next for BNB Price Action?

As with most of the crypto assets, Binance’s BNB is at a crucial crossroads, which either leads to a new all-time high (ATH) soon or further capitulation ahead. Consequently, it is safe to assume that BNB’s price will largely mirror that of Bitcoin (BTC) and Ethereum (ETH) in the coming weeks.