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Binance Seeks Regulatory Approval in Germany: How Will That Impact the Price of BNB?

Binance Seeks Regulatory Approval in Germany: How Will That Impact the Price of BNB?

Cryptocurrency exchange Binance is in talks to gain regulatory approval in Germany, which may impact the price of BNB.

Binance Coin (BNB) Price: What is the Current Price?

Here is the live price of the Binance coin.

bnb
BNB (BNB)
Rank: 5
$ 217.02
Price (BTC)
Ƀ0.01127158
Marketcap
$ 35.38 B
Volume
$ 638.33 M
24h Change
0.65%
Total Supply
163.28 M BNB

Binance News

Cryptocurrency exchange Binance is in talks to gain regulatory approval in Germany. This is what its CEO Changpeng “CZ” Zhao said on Wednesday, according to comments relayed by several specialized sites.

In the hope that its approach will be conclusive, Binance has already launched the recruitment of staff for its team in Germany. If a license is obtained by the exchange, it would follow the authorization recently granted to it in France by the Autorité des Marchés Financiers.

While still trading above $400 on May 5, the BNB cryptocurrency has since fallen sharply, hitting $269 on May 12. Currently at around $302, the price of BNB is therefore far from the $498 predicted by Digital Coin Price.

What You Need to Know about Binance Coin (BNB)

Origins of BNB

Binance Coin was launched in July 2017 as an ERC-20 token of Ethereum. The migration was done later on and Binance has become a full-fledged blockchain with its own native currency.

The founder and CEO of Binance, ChangPeng Zhao, is a very well-known man in the cryptocurrency sphere. He is a Canadian national and was part of the developer team of the Blockchain.info explorer, which became the Blockchain.com exchange platform.

How Does Binance Coin (BNB) Work?

The Binance Coin is a utility token. In other words, holding it allows you to access certain features of the Binance ecosystem; in addition to the upside potential of cryptocurrency:

  • Discount on your trading fees on the Binance exchange
  • Cryptocurrency borrowing and lending
  • Participation in Launchpads of new cryptocurrencies
  • Buying NFTs on Binance
  • Liquidity staking and farming
  • Profitable savings on Binance
  • More features to come…

Opinions and Price Predictions on BNB for 2022

BNB Global Mirror Mag Rating: 9/10

Opinion on the Project

Binance is a strong ecosystem that keeps growing with new features. It is the richest platform in the cryptocurrency industry.

Price Volatility Notice

Binance Coin is relatively low in volatility with a substantial daily trading volume, which makes it a good candidate for day trading.

Medium Term BNB Price Prediction

BNB downtrend is confirmed, but BNB/USD price support at $300 is likely to hold.

Long Term BNB Price Prediction

The supply of BNB decreases over time thanks to Burning operations which permanently remove BNB from circulation. Thus, the remaining BNBs for holders are becoming increasingly scarce, and the price is bound to appreciate in the long term. Also, Binance Coin has the same upside potential as Ethereum. The BNB could therefore exceed 4000 dollars.

Conclusion – Should you Invest in Binance Coin (BNB)? 

Conclusion of our Binance Coin review

Although less traded than Ether (Ethereum), Binance Coin allows you to do almost everything that is done on the Ethereum network. It is a promising cryptocurrency that gives even more functionality.

Where and How to Buy BNB?

Buying Binance Coin (BNB) to Trade

To trade Binance Coin, the broker eToro is the most suitable. This platform allows you to trade Binance Coin CFDs in the short term without having to hold the BNB tokens.

Step 1: Use the search bar on the eToro platform to find the cryptocurrency.

Step 2: Then, click on “Invest” to give the amount of cryptocurrency you want to buy and validate the transaction.

Buying Binance Coin (BNB) for Holding

To invest in Binance Coin by holding BNB in ​​a wallet, go to the Binance platform.

Step 1: Go to the “Buy crypto” tab and choose the payment method of your choice.

Step 2: select the crypto you want to buy and proceed to secure payment. Then, the cryptocurrencies may arrive at your wallet.

Content proposed by our partner Miroir Magazine. 

More about the author: Almmaye

Alm Maye has been a trader and analyst since 2013. He is an expert in equity markets, Forex, and cryptocurrencies. He is the creator of Almvest.com and Imveste.com, two sites dedicated to finance. Additionally, he participates in the development of featured articles on various sites such as Actions-boursieres.fr, as well as the international network of Finixio.com.

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