BingX, a social crypto trading platform, was officially approved in North America to operate as a Money Services Business (MSB) exchange under regulatory control, Invezz learned from a press release.
Priding itself on compliance
The platform prides itself on compliance and adherence to industry standards and regulatory practices. Obtaining the licenses in the US and Canada is an important milestone for BingX, marking a point in time when they can access mainstream markets as a fully compliant institution.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
Elvisco Carrington, Global Communications Manager at BingX, commented:
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.
The financial markets of the US, Canada, and other developed countries are typified by strict and complex regulatory ecosystems. Recognition in these markets is key to BingX’s future growth and also guarantees a high level of security for all BingX users’ assets.
BingX US Limited is registered as a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury. It is allowed to operate on the FX market.
BingX CA Limited is registered as a Money Services Business (MSB) in Canada under FINTRAC. It is allowed to carry out FX trading activity and deal in virtual currencies.
The platform can provide compliant products and services with government approval in both the United States and Canada by becoming an authorized MSB.
Trusted by investors all over the world
BingX is based on a broader global market. The social crypto exchange platform is working on securing financial licenses in additional countries. It aims to create an open, high net worth, inclusive cryptocurrency investment market.
67% of retail CFD accounts lose money