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Saturday, December 10, 2022

Binance opens New Zealand office after regulatory approval

Binance opens New Zealand office after regulatory approval

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

In a tweet dated 29 September, Binance Told which was 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 lawmakers and regulators have failed to enforce strict guidelines for operating crypto businesses 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 is exploring the potential benefits and risks of the central bank digital currency.

In June, Huobi Global obtained registration as a registered financial services provider in New Zealand, but later suspended its derivatives trading services for residents, citing non-compliance with local regulations. With a population of around 5.1 million, New Zealand is a smaller market than neighboring Australia, where 4.2 million people reportedly own cryptocurrencies.

Although it is expanding to many countries around the world, Binance is still a target of some regulators., In July, the central bank of the Netherlands fined Binance Holdings $3.3 million for providing crypto services without registration. On September 22, the company also formed a working group called the Global Advisory Council, which aimed to address regulatory issues related to the adoption of cryptocurrencies, blockchain and Web3.

the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information provided here should not be construed as financial advice or investment recommendation. All investment and commercial activities involve risk and it is the responsibility of each individual to do their due research before making an investment decision.

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Investing in crypto assets is not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The offering of services or products is not targeted or accessible to investors in Spain.

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