Global cryptocurrency exchange Binance has registered with the New Zealand Ministry of Business, Innovation and Employment and has opened local offices in the country.
In a September 29 tweet, Binance announced that it is registered as a financial services provider in New Zealand, providing residents with access to services such as instant trading, non-fungible tokens, and storage. The move to the crypto-friendly Pacific nation came after regulators in Dubai, Abu Dhabi, Kazakhstan and Italy gave Binance the green light to open a branch.
“New Zealand is an exciting market with a rich history of fintech innovation,” said Binance CEO Changpeng Zhao.
New Zealand legislators and regulators have largely not put in place strict rules for crypto companies to operate in the country, and kiwis do not use cryptocurrencies freely. In 2019, the country’s tax authority said cryptocurrency income was legal, and the Reserve Bank of New Zealand was looking into the potential benefits and risks of a central bank digital currency.
In June, Huobi Global received registration as a registered financial services provider in New Zealand, but later suspended its derivatives trading services for residents, citing compliance with local laws. New Zealand has a population of around 5.1 million, which is a smaller market compared to neighboring Australia, where 4.2 million people own cryptocurrencies.
Related: Australian banks ANZ and NAB will not settle for hash cryptocurrency speculation
Although Binance is expanding to many countries around the world, Binance remains a target for some regulators. In July, the Dutch central bank fined Binance Holdings $3.3 million for providing crypto services without registration. On September 22, the company also formed a task force called the Global Advisory Council to address regulatory issues related to crypto, blockchain, and Web3 adoption.