Binance opens New Zealand offices following regulatory approval

Global cryptocurrency exchange Finance has registered with the New Zealand Ministry of Business, Innovation and Employment and opened local offices in the country.

In a tweet on September 29, Finance said Registering as a financial services provider in New Zealand allows residents to access services such as spot trading, Fungible Tokens and stocking. There has been a move to a crypto-friendly Pacific nation After Dubai regulatorsAbu Dhabi, Kazakhstan and Italy have given finance the green light to open a branch.

“New Zealand is an exciting market with a strong history of fintech innovation,” said Binance CEO Changpeng Zhao.

New Zealand! We are Kiwis. https://t.co/UtxbVlvXFV

— CZ Binance (@cz_binance) September 30, 2022

New Zealand lawmakers and regulators have failed to impose strict guidelines for cryptocurrency companies to operate in the country or for Kiwis to use cryptocurrency freely. The country’s tax authority said crypto income was legal in 2019, and New Zealand’s Reserve Bank Examining potential benefits and risks Central Bank’s Digital Currency.

In June, Hubei Global registered as a registered financial services provider in New Zealand, but later Its derivatives ceased trading services For residents, citing compliance with local regulations. With a population of around 5.1 million, New Zealand is a small market compared to its neighbor Australia. It is said that 4.2 million people They own cryptocurrencies.

Although it is expanding into many countries around the world, Binance is still in the crosshairs of some regulators.. In July, the central bank of the Netherlands Finance Holdings was fined $3.3 million To provide cryptocurrency services without registration. On September 22, the company also formed a task force called the Global Advisory Council With a view to solving regulatory problems Regarding adoption of cryptocurrencies, blockchain and Web3.

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information provided herein should not be construed as financial advice or investment recommendation. All investment and business operations involve risks and are the responsibility of each individual before making an investment decision.

Continue reading:

Investments in crypto assets are not restricted. They may not suit retail investors and the entire amount invested may be lost. The services or products offered are not directed at or accessible to investors in Spain.