- Binance has opened a local office in New Zealand after doing the same in Togo, Brazil, and other countries worldwide.
- The exchange plans to establish its presence in local markets as part of its plan to maintain market dominance.
- FTX, Coinbase, and other global exchanges are making similar moves to snag a part of Binance’s market share.
The mass adoption of Bitcoin and other digital assets has created a tight battle between digital asset exchanges, all fighting to become the numero uno. Still, Binance is extending its lead over the pack.
The world’s largest cryptocurrency exchange, Binance, has registered in New Zealand as a financial service provider and has launched a local office in the country. Binance New Zealand comes as its founder Changpeng Zhao has expressed the need for the company to establish local offices worldwide.
The company registered with New Zealand’s Ministry of Business, Innovation, and Employment as part of its plan to comply fully with regulatory requirements to avoid sanctions. After a string of regulatory issues in the crypto industry, Binance as well as other exchanges have moved to register with financial authorities in Japan, Italy, Spain, and other countries.
In explaining the need for expansion, Zhao highlighted that he sees value in the New Zealand market and reiterated his firm’s desire to comply with rules laid down by regulators.
“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,” said Zhao 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.”
Binance will provide a host of virtual currency services to users in New Zealand, including spot trading, Non-Fungible Tokens (NFTs), and derivatives, among others.
The competition edges on
Although Binance remains the leading cryptocurrency exchange, other exchanges are not throwing in the towel. FTX, the second-largest exchange by trade volume, has been on an expansionist agenda, setting up new offices worldwide. In the US, FTX has relocated its headquarters to Miami and purchased the naming rights to Miami Heats Arena.
Other exchanges like Crypto.com are also expanding into Asia and Europe, with their brand resonating with young Web 3 users because of its creative advertising policies.
FTX and Crypto.com have followed Binance’s path to set up shop in Dubai early in the year after making giant leaps in the Far East and West Africa.