Binance launches New Zealand-based offices following regulatory approval

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

In a tweet on September 29, Binance said was registered as a financial services provider in New Zealand, enabling residents to access services such as spot trading, non-fungible tokens and participation. The move to the crypto-friendly Pacific nation followed regulators in Dubai, Abu Dhabi, Kazakhstan and Italy giving 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 largely not imposed strict guidelines for crypto companies to operate in the country, nor for Kiwis to use cryptocurrencies freely. The country’s tax authority said in 2019 that income from crypto 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 approximately 5.1 million people, New Zealand is a smaller market compared to neighboring Australia, where 4.2 million people own crypto.

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Although it has expanded to many countries around the world, Binance has still been targeted by some regulators. In July, the Netherlands’ central bank fined Binance Holdings $3.3 million for offering crypto services without registering. The company also formed a task force called the Global Advisory Board on September 22 with the aim of addressing regulatory issues related to crypto, blockchain and Web3 adoption.