Binance, the world’s largest
cryptocurrency exchange by market capitalization, has launched a subsidiary in New Zealand.
On Thursday, the exchange announced that it
has successfully registered as a Financial Service Provider with the New
Zealand Ministry of Business, Innovation and Employment.
“New Zealand is an exciting market with a
strong history of fintech innovation and our team of Binancians in New Zealand
are working hard to bring the freedom of crypto to Kiwis,” Changpeng Zhao,
Binance’s CEO, said.
The development comes over a week after
Binance secured a
Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory
Authority (VARA) following a provisional license
issued in March.
Presence in Oceania
According to Binance, Oceania accounts for
1 million of the current over 320 million
crypto users around the world. However, New Zealand is not Binance’s first stop in
the region.
Binance already operates Binance Australia
where it has an active base of
over 700,000 users and recently launched
cryptocurrency contracts for difference (CFDs) for wholesale traders.
Binance is yet to share more details on
its plan for New Zealand. However, the exchange has recorded
milestones stamping its presence across the world, from Africa to Europe to the
Middle East.
The exchange recently disclosed that it
was in talks with the
Nigeria Export Processing Zones Authority to support the creation of Africa’s
first virtual free trade zone in Nigeria.
In July, Binance secured the
Virtual Asset Services Provider (VASP) registration from the Bank of Spain over one
month after getting the green light from
French regulators.
Moreover, the exchange is seeking a license in Germany and
across all of Europe, Zhao told Bloomberg in an interview.
Beyond Europe, Binance is chasing the
VASP and electronic money transmitter licenses in the Philippines.
The exchange has been in a race for licenses after suffering setbacks from hassles with regulators around the world.
Binance, the world’s largest
cryptocurrency exchange by market capitalization, has launched a subsidiary in New Zealand.
On Thursday, the exchange announced that it
has successfully registered as a Financial Service Provider with the New
Zealand Ministry of Business, Innovation and Employment.
“New Zealand is an exciting market with a
strong history of fintech innovation and our team of Binancians in New Zealand
are working hard to bring the freedom of crypto to Kiwis,” Changpeng Zhao,
Binance’s CEO, said.
The development comes over a week after
Binance secured a
Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory
Authority (VARA) following a provisional license
issued in March.
Presence in Oceania
According to Binance, Oceania accounts for
1 million of the current over 320 million
crypto users around the world. However, New Zealand is not Binance’s first stop in
the region.
Binance already operates Binance Australia
where it has an active base of
over 700,000 users and recently launched
cryptocurrency contracts for difference (CFDs) for wholesale traders.
Binance is yet to share more details on
its plan for New Zealand. However, the exchange has recorded
milestones stamping its presence across the world, from Africa to Europe to the
Middle East.
The exchange recently disclosed that it
was in talks with the
Nigeria Export Processing Zones Authority to support the creation of Africa’s
first virtual free trade zone in Nigeria.
In July, Binance secured the
Virtual Asset Services Provider (VASP) registration from the Bank of Spain over one
month after getting the green light from
French regulators.
Moreover, the exchange is seeking a license in Germany and
across all of Europe, Zhao told Bloomberg in an interview.
Beyond Europe, Binance is chasing the
VASP and electronic money transmitter licenses in the Philippines.
The exchange has been in a race for licenses after suffering setbacks from hassles with regulators around the world.
