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Binance expands to New Zealand after receiving regulatory approval

Binance New Zealand
Binance New Zealand

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Crypto exchange Binance recently received permission to enter New Zealand’s crypto market, and now, it officially launched a brand new crypto exchange in the country. The exchange’s CEO, Changpeng Zhao, commented on the move, noting that the exchange sees great value in New Zealand and believes that it will be beneficial for everyone if Binance establishes its presence there.

Binance announced yesterday, September 30th, that it successfully registered as a financial service provider with the country’s Ministry of Business, Innovation, and Employment. With the permission to operate in the country, Binance launched its brand new subsidiary, Binance New Zealand, or Binance NZ.

NZ becomes the latest nation to accept Binance

The company revealed that the registration was actually effective three weeks ago, on September 10th. With it, Binance NZ received permission to offer a wide range of financial services. New Zealand’s crypto users can now engage in staking, spot trading, NFT purchase, and other activities that the newly launched platform has to offer.

CZ explained that a lot of tech firms have been rather slow to open offices in New Zealand, and so they are missing out on a great opportunity to tap into the country’s developing crypto market. He noted that some might find New Zealand easy to overlook, as the market is not very big as of yet. However, Binance has been trying to look forward, and it sees serious value in having a presence in NZ.

After all, NZ has had a fairly rich history when it comes to fintech innovation, and it was among the earliest nations to open up to digital transactions. In fact, Zhao openly stated that he sees New Zealand as a pioneer, and so establishing a presence in the country would not only grant Binance access to the local crypto traders but it will also allow the exchange to learn something from the locals about how they work in the country.

Binance has been launching subsidiaries all over the world for several years now, and it has recently been particularly active in establishing its presence in as many untapped markets as possible. It targeted Dubai, Romania, Brazil, France, Kazakhstan, Spain, Italy, and more.

It also made a move to re-enter the Japanese market by applying for a license, trying to do things officially, and working closely with the regulators this time around. At the same time, its service appears to be blowing up in India as well, despite the recent incident where funds sent from WazirX to Binance were frozen. This only included around 77 BTC, and it was a part of the money laundering scheme that Indian authorities were targeting.

Binance also finally created its global advisory board, in order to fulfill its promises and resolve any regulatory issues and future challenges, as it said it would when regulators from multiple countries cracked down on the exchange for unlicensed offerings.

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