Binance Registers as Financial Service Provider in New Zealand

Binance announced that it has obtained registration as a Financial Service Provider (FSP) with the New Zealand Ministry of Business, Innovation, and Employment.

On September 29, Binance, the world’s largest cryptocurrency exchange by market capitalization, announced that it had successfully registered as an FSP with the New Zealand Ministry of Business, Innovation, and Employment. The news was shared on Binance’s official by the exchange’s CEO Changpeng (CZ) Zhao.

Kia Ora, New Zealand! 🇳🇿

We’re pleased to announce that #Binance has successfully registered as a Financial Service Provider with the New Zealand Ministry of Business, Innovation and Employment, and has officially launched Binance New Zealand. pic.twitter.com/xCyBmRVb2x

— Binance (@binance) September 29, 2022

CZ said:

New Zealand is an exciting market with a strong history of fintech innovation. Our team of Binancians in New Zealand are working hard to bring freedom of Crypto to Kiwis.

The CEO added:

I guess for some, it’s easy to overlook as it’s a smaller market but we see significant value in having a serious New Zealand presence. We see New Zealand as a bit of a pioneer, so from that perspective, I think there’s a lot to be learned here with our local team working with Kiwis to envisage the future of currency, transactions and the web.

According to data from Binance, Oceania accounts for one million of its current 320 million cryptocurrency users across the world. New Zealand is however not the exchange’s first establishment in the region. Binance also operates Binance Australia where it has over 700,000 active users. The exchange also recently launched cryptocurrency contracts for differences (CFDs) for wholesale traders.

The announcement from Binance comes only a week after it secured a Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) following the issuance of a provisional license in March 2022.

In July, Binance secured the Virtual Asset Services Provider (VASP) registration from the Bank of Spain – just a month after also obtaining registration in France. Binance also disclosed that it was in talks with the Nigeria Export Processing Zones Authority to support the establishment of Africa’s first virtual free trade zone in Nigeria according to reports from Finance Magnates.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.