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 September 29 tweet, 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 crypto businesses to operate in the country, or for Kiwis to use cryptocurrencies 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, Huobi Global was 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 neighboring Australia. It is said that 4.2 million people They own cryptocurrencies.

Despite expanding to 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.

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