BNB Crypto Gets Hot on News of Twitter Investment and French Expansion – InvestorPlace
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Binance is moving into Europe and aiding Musk's Twitter purchase
Binance (BNB-USD) is making moves this week, coming into focus as it continues to broaden its online and global presence. First, news broke about the exchange’s new regulatory approval allowing it to move into Europe. Perhaps bigger than that, however, is word that Binance is investing in Elon Musk’s Twitter (NYSE:TWTR) purchase. These two stories are bolstering BNB crypto trading today.
For starters, the European market is quite alluring for Binance, which already operates the largest crypto exchange worldwide. As its market in Asia continues to shrink, investors have been curious as to how the company will fill in the gaps. Now, today’s news sees that question answered; the exchange has received regulatory approval in France.
This regulatory approval will allow Binance to facilitate the trading of digital assets and provide third-party custody over these assets. The announcement marks the “first such license” of its kind in Europe. The news also comes after word that BNB secured similar regulatory approval in Abu Dhabi and Bahrain, marking its expansion into the Middle Eastern market. Investors will certainly be on the edge of their seats as they anticipate further expansion news.
The French approval update is grabbing investors’ attention today, no doubt. But that’s not all the news that Binance has to share. The BNB crypto is also getting hot on Binance’s $500 million investment in Elon Musk’s Twitter purchase.
Overall, Musk’s $44 billion bid for the social media platform has been well-received by many in the crypto community. Coinbase (NASDAQ:COIN) CEO Brian Armstrong called the purchase “a great win for free speech,” — a sentiment that has been reverberating around the market. It comes as little surprise that Binance feels the same.
Binance is backing Musk’s bid with its own $500 million investment. This money comes alongside investments from several venture capitalist firms, billionaires, financial service companies and even the nation of Qatar. All told, these entities have generated over $7 billion to help supplement the offer.
Of course, investors themselves do have mixed feelings about the news; the bid hasn’t been as well received by a great many Twitter users. However, with the crypto market’s overwhelmingly positive sentiment toward the purchase, one can assume the news can only help BNB crypto prices. So far today, over $2 billion in BNB is trading hands — an increase of more than 50% in the past 24 hours.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2022/05/bnb-crypto-gets-hot-on-news-of-twitter-investment-and-french-expansion/.
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