Given the current situation in New Zealand and the difficulties in gaining access to a banking provider NZBCX is currently unable to accept NZD deposits from customers.
NZBCX is a New Zealand Registered Financial Service Provider and is captured as a reporting entity under the Department of Internal Affairs supervisory framework.
Under this framework along with other legal requirements of the Anti-Money Laundering and Countering Financing of Terrorism Act of 2009, NZBCX is obligated to follow all best practices and guidelines issued by the DIA. It is also required to engage external auditors on a biannual basis to ensure compliance with the Act.
Despite meeting these requirements there is no obligations for a banking provider to enter into a business relationship with a cryptocurrency related business. This remains a significant challenge to operating a fin Tech start-up in New Zealand.
We continue to engage with New Zealand banks in the hope of resolving the current situation and remain focused on maintaining our obligations under the Act.