Binance Signs MOU with Kazakhstan as Global Expansion Gathers Pace

Key Insights:

• This week, crypto exchange Binance signed an MOU with Kazakhstan, undeterred by the crypto winter.
• Binance has recently obtained licenses in Abu Dhabi, Bahrain, Dubai, and France, while targeting Germany.
• Expansion mode has delivered strong Binance Coin (BNB) support, now the fourth largest crypto on CoinMarketCap.

Leading crypto exchange Binance is in expansion mode. This year, Binance has not only obtained licenses in Abu Dhabi, Bahrain, and Dubai but also in France, with an eye on Germany. Progress on obtaining licenses in some key jurisdictions has delivered strong Binance Coin (BNB) price support.

The market doom and gloom and the collapse of TerraUSD (UST) and Terra LUNA have not slowed Binance down. Regulatory scrutiny in several jurisdictions, including the US and the UK, has also failed to deter Binance from expanding globally.

Binance Signs Memorandum of Understanding with Kazakhstan

On Wednesday. Binance announced it signed a Memorandum of Undertaking (MoU) with the Ministry of Digital Development, Innovations, and Aerospace Industry of the Republic of Kazakhstan.

Within the agreement, the parties voiced interest in developing Kazakhstan’s virtual asset market.

According to the announcement, Binance CEO CZ visited Kazakhstan and met with Kazakhstan President Kassym-Jomart Tokayev and other ministers.

The agreement will give Binance an advisory role in developing a legislative and regulatory framework for crypto assets. The announcement went on to say that the Ministry of Digital Development, Innovations and Aerospace Industry and Binance will explore opportunities to,

“Integrate banking infrastructure within the cryptocurrency market and facilitate the development and implementation of distributed ledger technology.”

Minister of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan Bagdat Musin said,

“As a global leader among crypto exchanges, Binance takes responsibility for the whole ecosystem. Together with CZ, we considered the Binance roadmap in Kazakhstan. We also discussed the potential of creating a blockchain-oriented VC-fund and academy to help local talents from Astana Hub to go global.”

He added,

“We really believe Kazakhstan can become a regional hub for international players in the crypto world.”

Changpeng Zhao (CZ), founder and CEO of Binance, said,

“Growing crypto adoption around the world, to have a positive impact on society as a whole, is one of our primary goals. Kazakhstan is one of the world leaders in the crypto mining industry. The country was one of the first to introduce the legalization of mining.”

CZ concluded,

“We believe that, in full cooperation with the local authorities, Binance can make a great contribution to the development of the local crypto community and blockchain ecosystem in Kazakhstan.”

Binance Coin (BNB) Price Action

At the time of writing, BNB was up 0.93% to $328.31.

Technical Indicators

BNB will need to move through the $329 pivot to target the First Major Resistance Level at $334.

BNB would need broader crypto market support for a return to $330.

An extended rally would test Second Major Resistance Level at $343. The Third Major Resistance Level sits at $357.

Failure to move through the pivot would bring the First Major Support Level at $320 into play. Barring another extended sell-off, BNB should avoid sub-$315. The Second Major Support Level at $315 should limit the downside.

Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bullish signal. BNB sits above the 100-day EMA, currently at $322. This morning, the 50-day EMA narrowed to the 100-day EMA, providing support. The 100-day EMA held steady on the 200-day EMA; BNB price positive.

A hold above the 100-day EMA would support another run at $340 and the 200-day EMA, currently at $341.