CEX.IO has been granted a DLT provider licence in Gibraltar and a Money Transmitter License in US, within days of each other. The company has announced its confirmation that it is now ready to operate in both these jurisdictions.
A proactive jurisdiction that also supports innovation, Gibraltar ensures that businesses that transmit or store virtual assets comply with regulatory requirements. The DLT Framework has been in place since 1stJanuary 2018, and CEX.IO is one of the early attainers of Gibraltar’s DLT Provider Licences.
The process of obtaining Gibraltar’s licence has meant the company working through an evaluation of all its internal processes and procedures to ensure compliance. Gibraltar’s regulations are based on nine principles which include proving effective governance, robust risk management frameworks and systems to prevent financial crime and protect the customer. CEX.IO has recognised the work of the FinTech team at Hassan’s International Law Firm in Gibraltar, led by Anthony Provasoli, whose advice and support were invaluable to the company to help it establish in Gibraltar and gain the DLT Provider Licence.
Oleksandr Lutskevych, CEO of CEX.IO expressed delight that the company has achieved the high standards of regulatory procedures and compliance required to obtain a Gibraltar DLT Provider Licence. “We see this licence as one more proof that CEX.IO is a reliable and secure platform for customers who want to engage in the digital economy in a transparent and regulated way.” He added that the platform is now ready to comply with any directives that may be issued with the 2020 5thAnti-Money Laundering Directive.
With the Money Transmitter License issued in the US, CEX.IO is now permitted to operate in Iowa, New Mexico, Oklahoma, Kansas, West Virginia, South Dakota, New Hampshire, Maryland and Alaska, allowing it to expand its US operation where it had been licensed to operate in nine states. Obtaining the
Already, CEX.IO is licensed and legally mandated to operate in nine states in the US using the Financial Crimes Enforcement Network-issued Money Service Business License, obtained in 2015. The recently-awarded MTL licence granted to the exchange allows it to transact in Iowa, New Mexico, Oklahoma, Kansas, West Virginia, South Dakota, New Hampshire, Maryland, and Alaska, giving it the freedom to expand its client base and plan further expansion to other US states.
CEX.IO is a multi-functional cryptocurrency exchange. It was established in 2013 and now boasts over 2.7 million customers worldwide. It provides a variety of trading tools for Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Zcash, Dash, Ripple, Stellar, and Litecoin which can be traded for USD, EUR, GBP, and RUB.It also provides a variety of payment options including credit and debit cards, and wire transfers. Since April 2016, CEX.IO has processed over $1 billion US dollars via Visa and Mastercard.