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 licenses:
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. (Registration No.: C4809450; License 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. (Registration No.: 1350703-3; License No.: M21534025)
BINGX GLOBAL PTY LTD is registered as a Digital Currency Exchange (DCE) provider under the Australian Transactions and Reports Analysis Centre (AUSTRAC). (Registration No.: 644804571; License No.: 100725677-001)
BINGX EU UAB is a registered financial service company in Lithuania, a member of the European Union, and is recognized and regulated by the Financial Crime Investigation Service (FSIC) as a digital currency exchange. (Registration No.: 305995741, license no: 4400-1839-5132)
Contact our compliance team: compliance@bingx.com
1
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.
2
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 cheques 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 Bureau of the US Department of the Treasury (FinCEN).
Supervision
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 that 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 (Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies) 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 under the regulation of FinCEN (Financial Crimes Enforcement Bureau of the US Department of the Treasury), and needs to go through a registered licensing system. Anyone who engages in a money services business must apply for a license to operate.
At present, only a few large global exchanges and forex companies have this license, such as Huobi, OKEX and Binance from mainland China, Bittrex from the US, and UKF Group from the UK.
License Search
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]
3
FINTRAC License
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. 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.
[The license is as follows]
Thank you for your support and trust in BingX. We're dedicated to providing investors with a safe, fair and comfortable trading environment!
BingX Operation Team
2023-03-10