Binance, the world’s largest cryptocurrency exchange by market capitalization, has launched a subsidiary in New Zealand.
On Thursday, the exchange announced that it has successfully registered as a Financial Service Provider with the New Zealand Ministry of Business, Innovation and Employment.
“New Zealand is an exciting market with a strong history of fintech innovation and our team of Binancians in New Zealand are working hard to bring the freedom of crypto to Kiwis,” Changpeng Zhao, Binance’s CEO, said.
The development comes over a week after Binance secured a Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA) following a provisional license issued in March.
Presence in Oceania
According to Binance, Oceania accounts for 1 million of the current over 320 million crypto users around the world. However, New Zealand is not Binance’s first stop in the region.
Binance already operates Binance Australia where it has an active base of over 700,000 users and recently launched cryptocurrency contracts for difference (CFDs) for wholesale traders.
Binance is yet to share more details on its plan for New Zealand. However, the exchange has recorded milestones stamping its presence across the world, from Africa to Europe to the Middle East.
The exchange recently disclosed that it was in talks with the Nigeria Export Processing Zones Authority to support the creation of Africa’s first virtual free trade zone in Nigeria.
In July, Binance secured the Virtual Asset Services Provider (VASP) registration from the Bank of Spain over one month after getting the green light from French regulators.
Moreover, the exchange is seeking a license in Germany and across all of Europe, Zhao told Bloomberg in an interview.
Beyond Europe, Binance is chasing the VASP and electronic money transmitter licenses in the Philippines.
The exchange has been in a race for licenses after suffering setbacks from hassles with regulators around the world.
