Global cryptocurrency exchange Binance has registered with the New Zealand Ministry of Business, Innovation and Employment and has opened local offices in the country.
In a September 29 tweet, Binance said which had registered as a financial services provider in New Zealand, allowing residents to access services such as spot trading, non-fungible tokens and staking. The move to the crypto-friendly Pacific nation came after regulators in Dubai, Abu Dhabi, Kazakhstan and Italy gave Binance 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 largely failed to impose strict guidelines for crypto businesses to operate in the country, or for Kiwis to freely use cryptocurrencies. The country’s tax authority said in 2019 that crypto income was legal, and the Reserve Bank of New Zealand has been exploring the potential benefits and risks of a central bank digital currency.
In June, Huobi Global secured registration as a registered financial services provider in New Zealand, but later suspended its derivatives trading services for residents, citing compliance with local regulations. With a population of about 5.1 million, New Zealand is a smaller market compared to neighboring Australia, where 4.2 million people reportedly own cryptocurrencies.
Although expanding to many countries around the world, Binance is still in the crosshairs of some regulators.. In July, the central bank of the Netherlands fined Binance Holdings $3.3 million for offering cryptocurrency services without registering. On September 22, the company also formed a working group called the Global Advisory Council with the aim of addressing regulatory issues related to the adoption of cryptocurrencies, blockchain, and Web3.
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