V2-ROOT-007
URL: https://bin.bnbstatic.com/static/cms/cg08ou2ak0tn7mcplvfg/file/f7c3c8a8fbda48eaa272ff503b8c2e54c6c98ad4f0f2a1e5da3667af5962c7de.pdf
Observed: 2026-10-30 (date precision unless retrieval manifest exists)
Locator: Physical pp.1,3,5–9: entity preamble; relationships/novation; §1.4; §§2.1–2.3; §4.1; §§7.2–7.3

Original analyst paraphrase:
The currently linked 74-page PDF was downloaded and relevant sections read. Page 1 visually confirms 27 October 2026 and three entities: NEL 000032533, NCCL 000007529, NTL 000032569. NCCL is expressly formerly Binance (AD) Limited; historical FSP220058 must not be called a different legal person solely because its name differs. Section 1.4 ranks rulebooks, specifications, notices, procedures, product terms, general terms and core policies, with stated exceptions. Sections 2.1–2.3 preserve jurisdiction, prohibited-country and product conditions; section 4.1 incorporates product terms. Section 7.2 labels clients retail but does not itself settle eligibility. Section 7.3 preserves account-opening discretion.

Limits: Relevant sections only, not a complete clause-by-clause legal opinion or a full comparison against May. PDF metadata title contains Draft; visible effective date and current official link are recorded separately. No new unconditional country/product access inferred. Only page 1 visually reviewed at this stage. Raw PDF and extracted text are local audit cache, not cleared for redistribution.
