BingX Secures Compliance License in US & Canada to operate as an MSB

The rapid growth of the crypto market has not only enabled multiple players to enter the space but has also exposed the vulnerabilities that the crypto world possesses.

Thus, BingX has managed to attain compliance licenses in two of the biggest economies of the world will make this entire process significantly reliable and secure.

BingX Makes a Big Bang

With the social crypto trading platform now being a US and Canada regulatory compliant platform, it can operate as a Money Services Business (MSB) exchange under regulatory control.

This has enabled the platform to achieve its vision of being people’s “First Social Trading Network” as the compliance license allows the platform to tap into the mainstream markets.

Elvisco Carrington, Global Communications Manager at BingX commented in a statement:

“Our priority is to build a high level of trust in the industry so users feel secure and safe using our trading platform.”

According to Carrington, both the United States as well as Canada, are major markets, and tapping them would prove to be advantageous to the platform on many levels.

Presently, BingX has managed to register as an MSB under FinCEN (Financial Crimes Enforcement Network) receiving approval to engage in forex activities.

And similarly, the social trading platform has registered the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) to deal in both – Forex as well as Virtual Currencies (cryptocurrencies included).

The advantage of having the government’s approval for its operation would make BingX significantly more reliable as it aims to provide compliant products and services to its customer.

Reiterating on the compliance license, Carrington said,

“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.”

Up Next?

BingX does not intend on stopping here. Since laying its foundation in 2018, the company has managed to create a global digital asset, spot, and derivatives trading platform with the company extending to major parts of the world including the likes of the European Union, Australia, Hong Kong, and Taiwan. 

In all the regions where BingX exists, it has gained either a license or regulation from the local government to enable investors to trade on the platform.

However, the company is working consistently to secure similar financial compliance licenses for other countries as well with the hope of “building an open, inclusive, high net worth cryptocurrency investment market” to reach the final goal of the platform of fundamentally altering the perception of people have for social trading.