Globally recognized cryptocurrency exchange Binance opened an office in New Zealand after it received approval to operate as a financial service provider in the region. Binance New Zealand kicked off with authorization received from the Ministry of Business, Innovation, and Employment (MBIE) on September 10th.
Accordingly, New Zealanders who are regarded as Kiwis now have access to several crypto services through the Binance platform. Binance New Zealand offerings include spot staking and trading, Non-fungible tokens (NFTs) amongst many others.
The island country is usually regarded as a small market and therefore, overlooked as such. Meanwhile, New Zealand is one of the early adopters of digitization in terms of transactions. Binance Chief Executive Officer Changpeng Zhao affirmed that the exchange is leveraging this advancement to expand its operation in the region.
Zhao said “New Zealand is an exciting market with a strong history of fintech innovation. 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,” he continued.
No Crypto Regulation in New Zealand
Noteworthy, New Zealand authorities and law enforcement agencies are yet to develop a regulatory framework for the crypto ecosystem in its jurisdiction. In the same fashion, Kiwis have not been issued any warning concerning trading cryptocurrencies.
A year ago, the Reserve Bank of New Zealand published a document detailing the benefits of cryptocurrencies. Since then, the bank has been exploring use cases, benefits, and risks of developing a central bank digital currency (CBDC).
Equally, Binance has bagged regulatory approvals as well as operational licenses in many regions across Europe. Binance is currently registered in Spain, Italy, Kazakhstan, France, Dubai, Abu Dhabi and many other countries.
One of the few milestones that the exchange has achieved in recent times is the launch of its Global Advisory Board (GAB) which included key experts and leaders all over the globe. Binance hired Kraken’s ex-head of compliance Steven Christie to lead its compliance team.