The Central Bank of Bahrain awarded Binance a license to operate within the country.
This license is Binance’s first in the Middle East and North Africa (MENA) region.
This could lead to an increase in the value of the BNB token.
BNB (BNB) is the native cryptocurrency token used on the Binance cryptocurrency exchange and was created by Binance in 2017.
While it was initially used for discounted trading fees, it has since evolved and is now used in numerous applications, such as payment for transaction fees, travel bookings, entertainment, online services, and much more.
The Kingdom of Bahrain license as a catalyst for growth
The Central Bank of Bahrain has awarded the cryptocurrency exchange Binance a license, which will allow it to operate within the country.
This means that Binance can now offer services, such as crypto trading, custody, and portfolio management, to all Bahraini customers.
Additionally, this license is Binance’s first within the Middle East and North Africa (MENA) region.
Initially, in December, Binance was granted preliminary approval for the license. However, the exchange was required to complete the full application process prior to being awarded the full license.
Should you buy BNB (BNB)?
On March 15, 2022, BNB (BNB) had a value of $363.
To truly get a heightened perspective as to what kind of value point this represents for the BNB token, we will be going over it's all-time high value, alongside the performance the token showcased throughout the previous month.
Discussing the all-time high value of the BNB (BNB) token, BNB got to a value of $686.31 on May 10, 2021. This means that at its ATH, the token was $323.31 higher in value, or by 89%.
When we go over the token's performance throughout February, BNB (BNB) had its highest point of value on February 8, when it reached a value of $441.
Its lowest point of value, however, was on February 24, when the token decreased to $331.12. This gives us an indication that the token decreased by $109.88 or by 25%.
However, from February 24 to March 15, the token has increased in value by $31.88 or by 10%.
With this in mind, we can expect BNB to reach $400 by the end of March 2022, making it a solid token to buy.