- Summary:
- Social trading platform, BingX, has obtained regulatory approval to operate in the US and Canada. What are the implications?
BingX, the fast-rising Social crypto trading platform, has received regulatory approval in the United States and Canada to operate as a Money Services Business (MSB) exchange. The exchange now has operating licenses from the US Treasury’s Financial Crimes Enforcement Network (FinCEN) department and Canada’s Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). The licenses will enable BingX to offer FX trading services in the US as well as Crypto and FX services in Canada.
Why prioritize regulatory compliance?
Getting regulatory approval is an invaluable achievement for BingX, as it provides a platform for faster growth. In addition, the company’s customers can rest assured of the safety of their assets, knowing the strict safeguards put by the two governments. Canada and the United States have some of the most stringent regulatory checks, and BingX’s approval in these countries opens the door for greater expansion. Essentially, the company intends to launch its products and services in more countries in the near term.
Even before getting regulatory approval in other countries, BingX has already established a reputable name. Nonetheless, the company places a premium on regulatory compliance to build user confidence. Also, government licensing sets up BingX with broader access to mainstream markets and is an attractive element to high net worth investors.
Commenting on the milestone, BingX Global Communications Manager, Elvisco Carrington, described it as essential to building customer trust. “Choosing a highly compliant trading platform is one of the most important decisions for users”, he stated. He added that BingX would continue to pursue growth by prioritizing strict adherence to regulatory compliance.
Our priority is to build a high level of trust in the industry so users feel secure and safe using our trading platform.”
Elvisco Carrington, Global Communications Manager at BingX
Latest BingX News Today
BingX announced on Monday that it is offering its users a promotional prize worth $18,800. The promo is meant to enhance user activity and attract more users to the platform during the Lunar Year celebrations. Users need to complete some simple tasks to stand a chance of winning.
About BingX
Founded in 2018, BingX has become a reputable social trading services and products provider. Its core products include spot and derivatives trading in cryptocurrencies. It has cut a niche as a user-centric platform, offering intuitive trading features. Regulatory compliance is at the core of its operations.
The platform’s design and tools make it ideal for all users, regardless of the level of experience. For instance, BingX has a copy trading feature and can learn from elite traders. The company has obtained approvals to operate in the United States, the EU block, Canada, Taiwan, Hong Kong, and Australia.