Crypto exchange Binance is launching in New Zealand after successfully registering as a financial service provider in the country.
Photo credit: Grey82 / Shutterstock
The firm got the nod from New Zealand’s Ministry of Business, Innovation, and Employment on September 10. This allows Binance to offer services such as spot trading, staking, and NFT transactions in the country.
Binance New Zealand will be led by general manager Ben Rose, a former executive of Auckland-based software development firm CodeHQ.
Changpeng Zhao, founder and CEO of Binance, said that while New Zealand was often overlooked as a smaller market, the country has a history of fintech innovation, being one of the earliest and fastest adopters of digital transactions globally.
“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,” added Zhao.
The expansion into New Zealand follows Binance’s recent global registrations in Europe, including France, Italy, and Spain.
However, the crypto exchange is facing issues elsewhere, being hit with a US$3.4 million fine by the De Nederlandsche Bank for operating in the Netherlands without the relevant registration.
See also: Org Chart: A closer look at the people who run Binance
Editing by Miguel Cordon and Lorenzo Kyle Subido
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