- Binance expands its operations to New Zealand as a registered service provider.
- Zhao, Binance CEO, sees value in having Binance in New Zealand when other tech firms don’t.
- A measured approach was taken by Binance after being pelted by regulators.
Binance, the world’s leading blockchain ecosystem, and digital asset exchange announced that it had expanded its operations to New Zealand
The company solidified its establishment in the island nation following its successful registration as a financial service provider with the New Zealand Ministry of Business, Innovation, and Employment.
The CEO of Binance Changpeng Zhao took to Twitter and greeted the kiwis by saying “Kia Ora”, New Zealand!, which wishes good health.
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
General Manager of a local software development firm CodeHQ, Ben Rose will head the operation in the island nation. Furthermore, Binance New Zealand will join the company name which includes existing entities operating in Australia, Italy, and France.
When other major tech firms had second thoughts about opening up in New Zealand, Zhao saw potential in the small island nation which populates 5.1 million out of which only about 268,000 own crypto. While expressing his thoughts on this notion, Zhao stated:
A lot of major tech firms are slow to open a New Zealand office, I guess for some, it’s easy to overlook, but we see significant value in having a serious New Zealand presence.
A major factor to note here is that Binance is doing things by the book after suffering multiple hits from regulators representing various jurisdictions.
Previously, Binance fell under the scrutiny of Britain’s financial watchdog which restricted the UK arm of Binance from conducting any regulated activity in July 2021. This incident was followed by European regulators taking stringent measures to wind down exchanges and their derivatives,
Furthermore, Germany, Hong Kong, Italy, and Malaysia brought Binance under the spotlight for not being registered with appropriate authorities or otherwise having weak anti-money laundering procedures.
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