Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Binance has so far launched its website for the residents to engage in several activities including NFTs, spot trading, and staking.
Binance is still focused on improving its global presence despite the regulatory challenges faced in several jurisdictions. In a recent announcement, Binance has completed registration with New Zealand’s Ministry of Business, Innovation, and Employment (MBIE). This was announced by the CEO of the company Changpeng Zhao (CZ) after setting up a local office in the country.
“We see New Zealand as a bit of a pioneer, so from that perspective, I think there’s a lot to be learned here with our local team working with Kiwis to envisage the future of currency, transactions, and the web,” said CZ.
Binance has so far launched its website for the residents to engage in several activities including NFTs, spot trading, and staking. Last year, the Central Bank of New Zealand decided that it will spend time consulting the public on issues regarding digital assets ranging from stablecoins to the Central Bank Digital Currency. Binance might have taken such a move based on the progress of the consultation.
Recently, the exchange was fined $3.4 million by the Dutch central bank for operating without registration.
“Binance has a very large number of customers in the Netherlands. In addition, Binance has enjoyed a competitive advantage because it has not paid any levies to DNB and has not had to incur other costs in connection with ongoing supervision by DNB,” said the central bank.
The crypto exchange has made several compliance efforts with some high-profile appointments. One of these is the appointment of Greg Monahan, a former US government official at the Internal Revenue Service, to take charge of the global money laundering reporting efforts. In addition, former US Senator Max Baucus was appointed as policy and government relations advisor. Former FATF members Rick McDonell and Josée Nadeau were also named as compliance and regulatory advisors.
In response to the comment by the DNB, Binance explained that it takes compliance seriously and was in the process of applying for the required registration.
“Binance takes compliance very seriously and although we are not formally registered with DNB yet, we have a robust compliance program that incorporates tools and procedures to combat money laundering and terrorist financing,” said a Binance spokesperson.