Victor Ugochukwu · Dec 14, 2020 . 5min read
CEXIO throttles full speed into Cyprus, granted CySEC CIF License
CEXIO upon acquiring the CySEC license has spinoff a new entity "CEX.IO Broker" which aids in getting regulatory stamps for its crypto activities.
By Victor Ugochukwu · Oct 17, 2020 . 6min read
UK based cryptocurrency exchange CEXIO announces that it has secured CIF regulatory license from CySEC to operate as a market-making Cyprus investment firm.
Finance Magnates reported this in a recent publication that the exchange will spinoff a new entity branded ‘CEX.IO Broker’. And this will help the main entity – CEX.IO in getting regulatory stamps for its activities around digital assets and cryptocurrencies.
Consequent to this, CEX.IO Broker will use its position to push its services and product offerings into the European markets. And because of this regulatory approval, CEXIO can legitimately provide investment and professional trading services. These include transferable securities, derivatives, and Forex.
Speaking on this development, Oleksandr Lutskevych, founder and CEO of CEX.IO said
“Obtaining the CySEC license was a crucial milestone. Launching a service under this license will provide our users with a regulated platform to work with digital asset-based derivatives. CEXIO Broker also opens the path for forex traders in Europe to a new industry and asset class. By offering a multitude of services, we provide the opportunity for our users to grow in our very own ecosystem,”
Cyprus, through its regulatory agency – CySEC, mandates that firms adhere to MiFID II framework standards. Hence, digital assets and cryptocurrency firms like their traditional finance counterparts must separate and protect client’s fund. Also, entities are required by law to maintain full transparency of their business operations report on solvency at all times.
CEXIO looking to expand into Asia after acquiring Euro-focused CySEC license
The exchange CEO also hinted on their plans on expanding beyond just Europe. Asia, a hotbed for cryptocurrency-related product sand services are also in their radar. Singapore especially is one of its primary focus as it has already submitted its application to regulatory authorities there. Moreover, as Oleksandr Lutskevych says,
The purpose of our products is to act as a bridge into the open financial system. With our CySEC license, we provide regulated services on the newly launched CEX.IO Broker platform, allowing traders to work with digital asset derivatives in a safe and transparent environment
CEXIO was established in 2013 and asides holding the CySEC license also possesses necessary Money Transmitter Licenses for its US operations. Summarily, CEXIO plans to expand its US operations also to the 50 States giving it the broadest coverage among cryptocurrency exchanges.
Follow Cryptodose for daily updates.