New Zealand bitcoin exchange NZBCX stops dollar deposits

NZBCX, a New Zealand bitcoin (BTC) exchange company, today announced that it is currently unable to accept New Zealand dollar (NZD) deposits from customers.

The company said the reason for this is the present situation in New Zealand and difficulties in gaining access to a banking provider.

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.

Despite meeting these requirements there are no obligations for a banking provider to enter into a business relationship with a cryptocurrency-related business. The NZBCX team says “this remains a significant challenge to operating a start-up in New Zealand.”

“We continue to engage with NZ banks in the hope of resolving the current situation and remain focused on maintaining our obligations under the Act.”
– The NZBCX Team

Founded in 2014, NZBCX is a fully featured bitcoin exchange-trading platform, and offers order books on Bitcoin (BTC) and Bitcoin Cash (BCH).