SINGAPORE, Feb. 1, 2022 /PRNewswire/ — Social crypto trading platform BingX received official approval in the United States and Canada to operate as a Money Services Business (MSB) exchange under regulatory control.
BingX prides itself on being compliant, adhering to regulatory practices and industry standards across the board. Obtaining the US and Canadian licenses marks a major milestone for BingX, which now can enter into mainstream markets as a fully compliant institution.
In particular, the financial markets of developed countries such as the United States and Canada have strict and complex regulatory ecosystems. Being recognized in these countries is pivotal in securing BingX’s future growth, not to mention that it ensures a high level of security for all BingX users’ assets.
At present, BingX US Limited is registered as a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury with approval to engage in FX activities. BingX CA Limited is registered as a Money Services Business (MSB) under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in both FX Dealing as well as Dealing in Virtual Currencies. By becoming an authorized MSB, BingX will be able to provide compliant products and services with government approval in both the United States and Canada.
“Without question, the US and Canada are huge markets and will be advantageous for BingX on many levels. Perhaps the greatest benefit is the simple fact that we can reach new users in both countries. Choosing a highly compliant trading platform is one of the most important decisions for users. As BingX pursues its global initiatives, it strives on and will continue to maintain strict compliance and regulatory standards over new products and services. Our priority is to build a high level of trust in the industry, so users feel secure and safe using our trading platform.” – Global Communications Manager at BingX, Elvisco Carrington.
BingX is based on a broader global market and is trusted by investors worldwide. The social crypto exchange is working behind the scenes to secure financial licenses in more countries with the hope of building an open, inclusive, high net worth cryptocurrency investment market, serving all investors worldwide, ultimately achieving a paradigm shift in social trading.
Founded in 2018, BingX is a global digital asset, spot, and derivatives trading platform that provides a user-centric and open ecosystem with intuitive social trading features. BingX has branches in the United States, Canada, the European Union, Australia, Hong Kong and Taiwan. In the countries and regions where BingX operates, it has registered or obtained recognition and is regulated by local governments. Created to enrich the entire cryptocurrency industry, BingX is a safe, reliable, and user-friendly venue for users to trade their favorite assets such as Safemoon, ATOM, BAT, Ripple, Celsius & Luna Coin.