Licence claims need a verified framework
The phrase without an NZ licence can imply an established licensing market that must first be verified. Check the actual reform stage and official licensing information.
Do not label an operator approved merely because it expects to apply under announced reforms. Enactment, commencement, applications and granted permissions are distinct milestones.
Offshore status still affects complaints
An overseas licence may provide some foreign oversight without establishing New Zealand approval. Read who handles individual disputes and whether decisions can realistically assist customers here.
If funds are already deposited, save the original terms and business identity. Future regulatory promises should not persuade you to delay documenting an unresolved withdrawal problem.