Binance and KuCoin investors have a reason to smile as both exchanges get India’s approval. Analysts predict a price growth of 20.98% for BNB and 19.26% for KCS. Meanwhile, DTX Exchange (DTX) maintains momentum amid market volatility.
Binance Successfully Navigates Regulatory Challenges
Binance, a leading global cryptocurrency exchange, has secured approval to operate in India. Previously banned for non-compliance with anti-money laundering regulations, Binance faced restrictions due to its failure to adhere to the country’s financial guidelines.
The ban, part of a broader crackdown on offshore crypto platforms, aimed to curb illegal trading and ensure adherence to the Prevention of Money Laundering Act (PMLA). Binance took decisive steps to regain access, including registering with India’s Financial Intelligence Unit (FIU) and appointing a principal compliance officer.
After negotiations and a hearing with FIU, Binance paid US$2 billion in penalties. So, how did this development affect BNB coin price? BNB registered a price hike within one week, with BNB coin price surging from a low of $583.37 to $594.42, a 1.9% rise. Meanwhile, analysts project that BNB coin price will hit $650.88, a 9.5% increase by the end of May 2024.
KuCoin’s Approval Journey
KuCoin, another prominent cryptocurrency exchange, has also been allowed to resume operations in India. The exchange’s ban came as a result of KuCoin’s non-compliance with India’s stringent anti-money laundering regulations.
The Indian government had previously blocked access to several offshore crypto platforms, including KuCoin, for failing to adhere to the Financial Intelligence Unit’s guidelines. In response, KuCoin took proactive measures to align with regulatory standards.
The exchange paid a substantial fine of ₹35.5 lakh, approximately $41,000, and appointed a principal compliance officer to ensure compliance with the Prevention of Money Laundering Act (PMLA).
Despite this latest development, KuCoin (KCS) enjoys a bullish market sentiment, surging from a low of $9.75 to a high of $10.33 within a week, a 5.95% increase. According to analysts predictions, KCS, is projected to grow by 6.5% and reach $11.00 by the end of June 2024.
DTX Presale Goes Unprecedented After Surpassing Analysts’ Predictions
DTX Exchange (DTX) offers a staggering 1000x leverage on a variety of assets, making it a powerhouse for traders. With over 120,000 assets available, DTX caters to a broad spectrum of investors.
The platform stands out due to its no KYC policy, streamlining the onboarding process and focusing purely on trading. Traders can execute orders at lightning speed, with an average execution time of just 0.04 seconds.
So, why is DTX the best cryptocurrency to invest in?
DTX has been resilient during its presale stages. In its initial offering, this presale token was modestly priced at $0.02, garnering significant investor attention and investment.
The presale’s first round set a solid foundation, quickly followed by a surge to $0.075 in Stage 2. DTX’s impressive growth trajectory has not only surprised investors but also caught the eye of seasoned analysts who had been closely monitoring the token’s performance.
Analysts had projected a strong presale for DTX, but the outcome surpassed their expectations, as the presale raised over $500,000. If the remarkable performance is anything to go by, the momentum generated in the early stages has been nothing short of astonishing.
As the presale progresses, the estimated launch price of $0.12 suggests a staggering 500% ROI, making DTX one of the best coins to invest in 2024.
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