INTRODUCTION TO BINGX GROUP COMPLIANCE MATRIX. BingX Group is an international digital services financial institution, with branch offices in North America, Canada, the EU, Hong Kong and Taiwan. BingX Group has also registered or obtained regulatory approval to operate in other countries where it provides its services or carries on any form of business.
BingX is the registered trademark of BingX Group, whose global subsidiaries and/or related entities have obtained the following regulatory licences:
BingX US Limited is registered as a Money Services Business (MSB) under the Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury with approval to engage in FX activities. (reg no:C4809450, licence no: 31000204096551)
BingX CA Limited is registered as a Money Services Business (MSB) under the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) in both FX Dealing as well as Dealing in Virtual Currencies. (reg no:1296141-5, Licence no: M2935840)
BINGX ES OÜ is a financial services company registered, accredited and regulated by the Financial Services Authority of Estonia, a member state of the European Union, with an MTR dual licensee, providing digital currency exchange and digital currency wallet services. (reg no:14789250, Licence no: FVR001074 and FRK000967)
BingX AUS Pty Ltd is registered as a Digital Currency Exchange (DCE) provider under the Australian Transactions and Reports Analysis Centre (AUSTRAC). (reg no:640231385, licence no: 100665097)
For any compliance-related queries or for further clarification, please contact: compliance@bingx.com
1
MTR LICENSE
The MTR license of the Ministry of Economic Affairs and Communication of Estonia obtained by BingX is a double license of digital currency and digital wallet. This license covers a wide range of services and has highly authoritative stature in the Blockchain community.
Estonia is officially the Republic of Estonia.
The World Bank ranks Estonia as a high-income country.Because of its fast-growing economy, Estonia is known as the Baltic Tiger.A tiny country, with a population of 1.3 million gave birth to four unicorn companies valued at more than $1 Billion, which are Skype, Playtech, TransferWise and Taxify.
Estonia joined WTO in September 1999.and the EU in May 1st, 2004. At present, Estonia's economy is developing rapidly with advanced information technology.
On January 1st, 2011, Estonia officially joined the eurozone and became the 17th country in the eurozone.It is also worth mentioning that the digital citizenship project was launched in 2007.To blockchain supporters and enthusiasts, Estonia is one of the most attractive countries.
Regulator
Communication with and access to regulators has great value for blockchain projects.In Estonia, communication and interaction with financial regulators is much easier than, for example, the US or Singapore.The financial regulator and the financial intelligence community have always provided the required legal information and have mostly been willing to help on issues within their jurisdiction.The most important factor is that a majority of officers can speak English and Russian.
Legislation
At present, Estonia issues a cryptocurrency trading license.Cryptocurrency operations are subject to licensing by other payment instruments (Since August 12th, 2017, it is designated as a virtual value).
BingX MTR License Address:
MTR Official Enquiry: https://mtr.mkm.ee/ BingX Registration Number: 14789250
[The license is as follows.]
2
Australia DCE AUSTRAC License
Australia is one of the world's leading core financial markets; Obtaining an Australian regulatory license can greatly enhance the strength of the platform as well as the confidence of customers.It is a standard license for digital currency trading institutions.In April 2018, the Parliament of Australia passed the Anti-Money Laundering and Counter-Terrorism Financing Amendment Act of 2018 (AML/CTF Amendment), which amended the Australian Anti-Money Laundering and Counter-Terrorism Financing Law.Therefore, digital currency exchanges operating in Australia since then will be supervised by AUSTRAC, Australia's financial regulator, and will be subject to oversight regarding money laundering and terrorist financing activities.The new Australian law gives AUSTRAC the right to supervise the trading of various cryptocurrencies (including Bitcoin, Ethereum, Ripple, etc.) on digital currency exchanges.
3
MSB LICENSE
The America MSB (Money Services Business) license is regulated and issued by FinCEN. The main objects are the supervision and licensing of businesses and companies related to money services. The scope includes international remittance, foreign currency exchange, currency transaction/transfer (including digital currency/virtual currency), providing prepaid items, issuing traveler’s cheque and other services. Companies engaged in the above-mentioned businesses must apply for an MSB license in order to operate legally.
The MSB is issued by the Financial Crimes Enforcement Network Department of the Treasure.
Established in 1990, FinCEN aims to support federal, local and international law enforcement by analyzing information required by Bank Secrecy Act (BSA).Over the years, FinCEN employees have developed expertise in adding value to the information gathered by BSA through discovering unknown information contained in sales leads.
During the FinCEN supervision, it is important to prove that the file is already in place, and all the employees, agents and others who are authorized to act on your behalf are well trained, and have the ability to effectively implement all elements of a compliance program. Senior officials must approve the compliance program, and the compliance officer must have the necessary authority to enforce the requirements of the compliance program.
On March 18th, 2013, FinCEN announced the application of FinCEN regulations (FinCEN regulations apply to people management, exchange or use virtual currencies guidelines) and specifies the requirements for enterprises and individuals to use virtual currency in MSB registration.MSB is the acronym for Money Services Business. It is part of the Fincen (Financial Crimes Enforcement Bureau of the U.S. Department of the Treasury). It is a registered licensing system. Anyone who engages in a money services business must apply for a license to operate.
At present, only a few global exchanges have this license, such as Huobi, OKEX, Binance, Bittrex and UKF Group.
America MSB
license search address: https://www.fincen.gov/msb-state-selector
Enter BingX in the LEGAL NAME field to search.
[The license is as follows.]
FINTRAC MSB
The Canadian Fintrac MSB financial license is supervised and issued by FINTRAC ( The Financial Transactions and Reports Analysis Centre of Canada). FINTRAC is Canada’s financial intelligence unit (FIU) established in 2000. FINTRAC is an independent agency. It reports to the Minister of Finance, who is, in turn, accountable to Parliament for the activities of the Centre.The Centre is headquartered in Ottawa. FINTRAC accepts financial institutions and intermediaries. Similar to CFTC of the US, its primary responsibility is to collect, analyze, evaluate and disclose information about Canada's financial sector in order to protect Canada's financial stability and security.
License Search
Canadian FINTRAC MSB license search address: https://www10.fintrac-canafe.gc.ca/msb-esm/public/msb-search/search-by-name/
Enter BingX in the NAME field to search.
Thank you for your support and trust in BingX, we will provide investors with a safe, fair and comfortable trading environment!
BingX Operation Team
24/04/2020