Social cryptocurrency trading platform BingX has received official approval from United States and Canadian regulators for operating in both jurisdictions as a regulated Money Service Business exchange.
BingX is now official
BingX is looking forward to functioning while being fully compliant with the regulatory practices of both countries and spreading its product across the world. Successful legalization in the U.S. and Canada is a major milestone for the exchange, which can now enter mainstream markets as a fully compliant institution.
According to the press release, BingX has been actively working to receive licenses to function in such complex regulatory ecosystems. After being recognized in those counties as legal financial institutions, BingX will secure its future growth and a high level of security for assets that users trust the exchange with.
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As for now, BingX US Limited is registered as a Money Service Business and is regulated by the Financial Crimes Enforcement Network and the U.S. Department of the Treasury, which granted it the approval to engage in FX activities.
The Canadian company behind the exchange is registered as a Money Services Business under the regulation of the Financial Transactions and Reports Analysis Centre of Canada in both FX Dealing and operating with digital assets.
Plans for the future
After becoming an official MSB, the exchange will be able to provide numerous compliant financial products and services while being regulated by the governance structure in both the United State and Canada.
According to Global Communications Manager at BingX, Elvisco Carrington, the U.S. and Canada are large markets that will bring numerous advantages for BingX on many levels. But the main thing is the number of potential clients that the platform will be able to reach in both markets.
At the same time, BingX will continue to maintain strict compliance and regulatory standards for new products and services in other countries. The company's priority still remains building a secure and safe trading platform.
BingX is a global market and is trusted by numerous investors worldwide. The platform is currently working toward further adoption in more countries while being fully compliant with local laws and regulations.