CEX.IO has received “in-principle” standing for the Distributed Ledger Technology (DLT) license issued by the colony money Services Commission (GFSC). this implies that we tend to present at the start of the ultimate stage within the authorization method. To receive the license, it’s essential to prove that each one the procedures in our company satisfies the ultimate GFSC conditions.
Gibraltar, the establishment of the DLT license, is one in every of the primary crypto-friendly regulators for licensing businesses managing cryptocurrencies. The regulator completely examines the procedures of firms that apply for regulation. solely when rigorous checks do they supply licenses to candidates.
The firm perceives the relevance of rules to the cryptocurrency sphere and their contribution to increasing client trust. Therefore, we’ve perpetually strived to fulfill the regulative needs of states wherever we tend to deliver our services.
Since CEX.IO was established, we’ve been a self-regulated cryptocurrency exchange following business best practices. Additionally, to a group of internal procedures and rules, we tend to additionally with success work with external regulators. In 2015, CEX.IO registered as associate degree MSB (Money Services Business) with FinCEN within us. Currently, we tend to cooperate with regulators in numerous jurisdictions, together with the colony, Cyprus, and the UK. In doing this, we tend to are attempting to extend awareness of the specifics of cryptocurrency and blockchain regulation and so facilitate the cryptocurrency sphere become a lot of clear.
To fulfill our mission and guide our customers into the open financial set-up, we tend to ar building a group of services that meet all their desires. and that we believe that meeting regulative standards can facilitate America to offer those services with the very best doable quality.
Companies seeking regulative approval ought to prove that their company governance and risk management, protection of consumer assets, and money crime hindrance practices in line with robust regulative standards. we tend to proud that our procedures have with success passed all examinations and in some aspects have even surpassed the regulative standards.
In a statement discharged to the media, CEX.IO CEO Oleksandr Lutskevych said: “Gibraltar is one in every of the primary crypto-friendly jurisdictions to license crypto-related businesses. We’re proud to be among the only a few crypto platforms to fulfill regulative standards and even surpass them. we tend to move with totally different regulators globally, and that I realize the GFSC approach one in every of the foremost thoughtful and relevant to dynamic crypto industries. This approach offers flexibility and opens space for healthy creativeness and sensible regulation.”
Started in 2013, CEX.io classifies itself as a self-regulated venue and is licensed as a cash Services Business (MSB) since the sole regulation relevant to such businesses within the GB may be a Common Market law – the fifth Anti-Money wash Directive. once it has taken off, CEX.io wasn’t associate degree exchange, however, a cloud mining platform.