Binance To Become New Zealand’s First Licensed Crypto Exchange. The world’s largest crypto exchange by traded volume, Binance is licensed to operate in New Zealand, even after their rival Huobi closed down their trading last month due to concerns about regulations.
This is good news for traders in New Zealand, as it offers them a reliable and large platform to buy and sell cryptocurrencies.
Binance has been operating since 2017 and is one of the most popular exchanges available. The fact that Binance is licensed to operate in New Zealand shows that the country is supportive of cryptocurrency trading.
This is a positive step for the adoption of cryptocurrencies in general.
This news will come as a relief to many in the crypto community, who were worried that Binance would follow suit and pull out of the country. With this development, it seems that New Zealand is becoming more friendly toward cryptocurrencies and blockchain technology.
The registration was made on September 10th with New Zealand’s Ministry of Business, Innovation, and Employment (MBIE). They wanted to give their expansion in other countries a try.
“Although it is not a huge market, I see significant value in having a presence in New Zealand,” said Binance founder Changpeng Zhao CZ. “It’s like being pioneers, so we work with Kiwis to envision the future of currency, transactions, and web.”
Binance recent expansion into New Zealand is part of a wider push to build up its presence in the Asia-Pacific region. The cryptocurrency exchange has been looking to strengthen its foothold in the region through a number of initiatives, including setting up a dedicated office in Singapore and launching a new platform targeting users in Australia and New Zealand.
New Zealand is an attractive market for Binance due to its relatively small but active cryptocurrency community. The country also has a favorable regulatory environment for digital assets, with authorities taking a hands-off approach to regulation. This makes it an ideal test bed for Binance plans to expand its crypto services into new markets.
New financial services are available to kiwis, with new options including spot trading, staking and NFTs, and more.
In the past, tax authorities have had to rely on exchanges voluntarily providing information on their customers. However, this is no longer the case, as many jurisdictions now require cryptocurrency businesses to obtain and share customer data with regulators.
The new rules are designed to help tax agencies track down people who are using digital assets to avoid paying taxes. The increased focus on taxation of cryptocurrency earnings comes as governments around the world are looking for ways to raise revenue amid slowing economic growth. While it is still early days, the moves by regulators suggest that they are serious about going after those who use cryptocurrency to hide wealth or avoid paying taxes.
This could make life difficult for some crypto investors, but it is likely that the majority will continue to operate in the same way as before.
Apart from expanding in global markets, Binance has been adding aggressively to its staff. They have hired the senior vice president of compliance from rival Kraken and formed a board of advisors to help it navigate regulatory issues.