Binance gains regulatory approval for New Zealand branch

Binance gains regulatory approval for New Zealand branch

By Onose Enaholo - min read
Updated 26 January 2023
  • Binance New Zealand will offer customers access to spot trading, NFTs, staking, among other services.

Leading cryptocurrency exchange Binance has officially been granted regulatory approval to enter the New Zealand market, and allowed to launch its local branch Binance New Zealand, Changpeng Zhao, the crypto company’s founder and CEO announced on Friday.

In a video announcement posted on Binance Twitter account, Zhao said the exchange had successfully registered in the country as a financial service provider.

Binance seeks ‘serious’ presence in New Zealand

The regulatory nod from New Zealand’s Ministry of Business, Innovation and Employment (MBIE) also saw the official launch of Binance New Zealand. General Manager Ben Rose, previously Chief Commercial Officer at tech company CodeHQ, will head the New Zealand team.

According to the Binance founder, New Zealand may be overlooked as a small market. However, the country does boast of a strong history within the fintech innovation space.

A lot of major tech firms are slow to open a New Zealand office. 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. The history of fintech innovation in New Zealand is very well known, with one of the earliest and most rapid uptakes of digital transactions in the world,” the Binance chief said in a blog post.

Binance expects to bring the best crypto services to the Kiwis, including spot trading, NFTs, staking, among others. 

Major regulatory push

Binance applied for registration with the MBIE on 10 September, and the latest approval adds to the exchange’s scores amid a global regulatory push. The exchange is increasingly looking to provide the best for consumers, but in compliance with local regulations.

Over the past few months, Binance has acquired licenses and registrations in Italy, Spain, Canada and France among other countries.