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First Mover Americas: Binance Withdraws an Abu Dhabi License Application
The latest price moves in crypto markets in context for Dec. 8, 2023.
Updated Mar 9, 2024, 5:43 a.m. Published Dec 8, 2023, 1:01 p.m.
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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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Cryptocurrency exchange Binance withdrew its bid for an investment-management license in Abu Dhabi, deeming it unnecessary to the company's "global needs." The exchange still has an application to offer custody of digital assets to professional clients. "When assessing our global licensing needs, we decided this application was not necessary," a Binance spokesperson said in an emailed statement. Binance is licensed in Dubai, and that is the company's Middle East and North Africa headquarters, CEO Richard Teng said in an interview for a Financial Times conference on Tuesday. The decision is unrelated to the exchange's legal settlement in the U.S., where it agreed to pay a $4.3 billion fine for violating anti-money laundering and money transmitter rules.
El Salvador is targeting bitcoin and crypto millionaires in its latest push to attract long-term residents to the country. The nation kickstarted its "Freedom VISA" program on Thursday, doling out residency to a maximum of 1,000 people per year who invest at least $1 million worth of bitcoin or tether stablecoins. Eligible participants receive a long-term residency permit and have a path to full citizenship. An application costs a non-refundable $999 in BTC or USDT, and the process is live as of Friday.
Popular U.S.-based brokerage platform Robinhood (HOOD) on Thursday started letting customers in the European Union (EU) trade crypto, hailing the region's comprehensive digital asset rules. To spur customers to use the service, Robinhood will credit a percentage of their trading volume back every month, paid in bitcoin , according to a Thursday blog post. And users can earn more BTC for referring new customers. This expansion debuts as cryptocurrencies have been rallying after a brutal bear market, recovering to a $1.5 trillion total market capitalization, the highest level since May 2022. Rising trading volumes also mean more revenue for trading platforms.
Chart of the Day
- The chart shows LINK's funding rate or cost of holding tether or USD-margined long (buy)/short (sell) positions in the perpetual futures market.
- The funding rate has surged to its highest since at least June, indicating a bias for long positions. The token has more than doubled to $16.3 since mid-October.
- Deeply negative or positive funding rates often act as a precursor to trend reversals.
- Source CoinGlass
- Omkar Godbole
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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