Cryptocurrency exchange CEX.IO got approval from the Cyprus Securities and Exchange Commission (CySEC) to function as a market-making Cyprus investment firm. CEX.IO Broker then provides a regulatory stamp focusing on crypto assets.
The Cypriot licensing requires the firm to stick to strict financial standards under the MiFID II framework, comprising the segregation and protection of client funds, full transparency of its business operations, and capital ability controls.
Moreover, operating under CySEC allows CEX.IO Broker to influence its new regulatory profile to enlarge its services into the European markets.
CEX.IO founder and CEO Oleksandr Lutskevych 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.
CySEC is the finance regulatory agency of Cyprus. In addition, CySEC’s financial regulations and operations abide with the European MiFID financial harmonization law.
Last year, the exchange entered the United States market. However, it acts as a money transmitter in the United States with a strict independent annual audit. Apart from that, it received a money service business (MSB) status with the Financial Crimes Enforcement Network (FinCEN), back in 2015.
Recently, the exchange has also launched crypto asset-based lending services across 217 countries and territories, allowing users to borrow $500 to $500,000 worth of crypto. Furthermore, the exchange plans to expand operations into Asia by gaining a Singapore license.