On August 29th, Binance revealed that it had received permission to operate as a Financial Service Provider with New Zealand’s MBIE (Ministry of Business, Innovation, and Employment). Changpeng Zhao, CEO of Binance, said New Zealand has a good history of financial innovation.
Binance Continues To Expand Operations Despite Market Crisis
According to the latest report, Binance is now a licensed Financial Service Provider in New Zealand. The company’s CEO announced the news on his Twitter account, saying, “Binance New Zealand.”
According to Zhao, New Zealand is a huge market for the crypto industry. He added that the country has a good history of innovation in financial technologies.
Further, the CEO stated that its team is working with local entities to offer crypto services to the Kiwis (New Zealanders). Meanwhile, the registration took place on September 10th with New Zealand’s MBIE.
The latest news follows the company’s expansion into France, Dubai, and Italy. Earlier in July, Binance secured a VASP (Virtual Asset Services Provider) license from the country’s central bank to operate in Spain.
Kiwis will get to enjoy several financial services like staking, spot trading, and lots more. Based on the most recent government estimates, the island country is located east of Australia and has a populace of around 5.1 million people.
Binance and Law Enforcement Agencies
According to a Finder poll, around 268,000 Kiwis possess cryptocurrency, with males outnumbering women by 69% to 31%. Binance has a presence in Australia, where it has nearly 700,000 users, and it offers CFDs (cryptocurrency contracts for difference) for wholesale traders.
Binance is attempting to follow the rules after experiencing many regulatory defeats across multiple locations in 2021.
Binance’s UK subsidiary was forbidden from undertaking any operation in 2021 by the UK’s financial regulator. Also, authorities across Europe were vehemently against the firm’s derivatives activities, causing it to relax operations in those areas.
Hong Kong, Germany, Malaysia, and Italy pressured Binance in 2021. They alleged that the firm has not registered with the necessary authorities. They also complained that the firm’s AML standards were too low.
Binance Creates Global Advisory Board
Aside from initiatives toward worldwide development, Binance has made important hiring. The company recently hired the SVP of compliance from competitor Kraken.
In addition, the exchange form created a board to assist it in political and regulatory affairs. The company’s reputation as the best cryptocurrency exchange is growing all around the globe.
Also, Binance recently revealed that it was in negotiations with Nigeria’s Export Processing Zones Authority to help establish a digital free trade zone in the country.
Over the last year, New Zealand has seen a surge in crypto use, with the establishment of many mining operations. The country wants to go another step further with the approval of Binance by New Zealand’s MBIE.