BingX, a popular social cryptocurrency trading platform, has recently received official approval to operate in the United States as a regulated Money Service Business (MSB) exchange. This regulatory approval means that BingX can now legally provide its suite of crypto trading and investing services to users located within the US.
As part of obtaining MSB status in the US, BingX established a US-based subsidiary called BingX US Limited. This subsidiary is now registered as an MSB with the Financial Crimes Enforcement Network (FinCEN) and the US Department of the Treasury. As a registered MSB, BingX US Limited has been granted permission by these financial regulatory bodies to engage in foreign exchange (FX) trading activities involving both fiat currencies and digital assets.
In addition to operating in the US, BingX has also received MSB registration for its operations in Canada. There, the company behind the BingX platform established another subsidiary that is registered as an MSB under the regulations of the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). This Canadian subsidiary has been approved by FINTRAC to provide both FX dealing services as well as operate platforms for trading digital assets.
Obtaining these MSB registrations in both the US and Canada represents a major milestone for BingX that will allow the platform to legally expand its global user base and offerings to investors in these larger markets. As a regulated exchange, BingX can now provide its suite of products and services with assurance that it is operating in full compliance with all applicable laws and regulations.
Some key services and features that US-based users are now legally able to access on BingX include spot and margin trading of many major cryptocurrencies against fiat currencies like the US Dollar. Through its social trading features, users can also copy the positions of successful traders, join trading communities, and interact with other investors. BingX also provides staking opportunities to earn yields on proof-of-stake assets and its copy trading program offers automatic trading based on the activity of popular investors.
While BingX has received the necessary approvals to operate in the US as a regulated exchange, there are still some service limitations for US customers compared to other regions. For example, leveraged perpetual contracts and derivatives trading are currently not available to US residents due to variations in regulations. BingX has stated its commitment to full compliance with all laws where it operates so local rules will determine what specific features American users can access over time.
Security of funds and know-your-customer (KYC) policies are also critically important aspects of being a regulated MSB. For its US users, BingX has implemented robust KYC procedures including photo ID verification. All digital assets held on the exchange are stored offline in secured cryptocurrency wallets to prevent hacking or theft. Fiat transactions likewise comply with anti-money laundering and counter-terrorism financing standards set by FinCEN and other government agencies.
BingX recently obtained MSB registration means that US-based crypto traders and investors can now safely and legally take advantage of many of the platform’s spot trading, social features, and yield opportunities. While some advanced products may remain restricted for compliance reasons, BingX approval provides access to a regulated crypto exchange that continues to expand its service offerings around the world. This move represents a big step forward for both BingX and the cryptocurrency industry in both the United States and Canada.
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