Binance Proclaims CoinMarketCap (CMC) Cryptocurrency Index Collection

Binance Acquires New Licence and Introduces CMC Index Series
In collaboration with the well-known cryptocurrency tracking service CoinMarketCap, Binance, one of the biggest cryptocurrency exchanges globally in terms of market capitalization, revealed on Monday that it had introduced a new range of cryptocurrency indexes.
According to a press release, the Binance CoinMarketCap (CMC) Index Series is made to help investors make decisions more easily by allowing them to assess and track the general state of the cryptocurrency market. The new indices, as their names suggest, will make use of pricing data from CoinMarketCap, a company that Binance has owned since 2020.
The USD-denominated Binance CMC Prime 10 Equal-Weighted Index, the first of the complete series, was made available by the cryptocurrency exchange in conjunction with the announcement. Its main goal is to monitor the performance of the top 10 cryptocurrency assets by market capitalization.
“The new Index monitors how the top ten digital assets perform in terms of market capitalization in relation to the US dollar, which serves as the base fiat currency. Every month, the ten digital assets in the basket are rebalanced and equally weighted. In its most recent post, Binance made the following comment: “The market capitalization of a digital asset is determined by multiplying its price in USD by its current circulating supply.”
Binance Increases Its Area of Operations by Adding New Offices and Licences
Over the past month, Binance has released a number of announcements in addition to the updated product lineup. The cryptocurrency exchange received an MVP licence in September from the Digital Asset Regulatory Authority (VARA) in Dubai. A few days later, it opened in New Zealand and returned to the crypto futures market in Souf Africa, extending its worldwide reach.
The presence in the Middle East appears to be the most pertinent information among the above. As previously indicated, the VARA started operating in March 2021 with the goal of making Dubai the primary cryptocurrency hub in the world. More well-known cryptocurrency names have already joined it, such as Blockchain.com, Crypto.com, and now Binance. For the cryptocurrency brokerage that is subject to regulations in France, Italy, and Spain, this presents a chance to expand its global domination.
The establishment of Binance’s new Digital Asset Regulatory Authority (VARA) in Dubai has been announced. The platform’s goals are to make digital assets more secure and to give cryptocurrency exchanges a safe and secure environment. The bitcoin exchange platform will benefit from the new regulatory authority’s global expansion, market capitalization, and compliance with local laws and regulations. Furthermore, the VARA will be in charge of creating an index series for digital assets in an effort to increase transparency and build confidence among cryptocurrency traders.