Popular social trading and cryptocurrency platform BingX is expanding its dedicated North America offering with additional approvals in a bid to avoid uncertainty around its legality.
For the US offshoot, BingX US Limited, the company has received a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury. Being designated a money services provider under FinCEN rules means BingX is now obliged to follow federal AML and Know Your Customer (KYC) regulations.
BingX CA Limited also secured a money service business (MSB) status with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in both FX and cryptocurrency trading. By becoming an authorized MSB, BingX will act in both the United States and Canada under stringent independent annual audit. However, the service is restricted to residents in states where money transmittal licenses (MTLs) are not required.
BingX enhances its regulatory status as the platform has its eye set on expanding to other locations to promote its social trading feature that bridges the gap between small and experienced traders.
BingX is set to secure more licenses
Global Communications Manager at BingX, Elvisco Carrington, stresses that his platform advocates a holistic approach to building next-gen fintech products. He added: “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.”
In a bid to revamp its entire corporate structure, Bingbon has rebranded itself to BingX. In addition to changing its name, the social trading and digital assets platform unveiled a new logo that captures the platform’s legacy to date.
In the coming months, BingX is set to secure financial licenses in more countries and launch new trading pairs to provide users with more options to interact with the platform. Further, BingX is working behind the scenes to bring several improvements to its copy-trading feature, coupled with an upcoming series of new products that would enhance the users’ trading experience.