CEX.IO Crypto Exchange Gets Gibraltar License After In-Principle Decision by GFSC
CEX.IO, a London-based cryptocurrency exchange, has recently received its license by the Gibraltar Financial Services Commission (GFSC). The decision to give the company the license happened after an in-principle decision was made by the GFSC. Now, CEX.IO will be legally authorized to work as a distributed ledger technology provider in Gibraltar.
The company has recently completed its platform testing together with other companies from the U. K. who also applied for the license. Another important company which was also testing its product was LMAX Digital, the crypto trading arm of LMAX Exchange Group, a prominent forex trading business.
According to the institution, an in-principle decision happens during the first stage of the whole process for the authorization of a new company. At this stage, the company already needs to satisfy some requirements in order to obtain the license to act in the country as a service provider for this industry.
The Road For The Full License
At the time, CEX.IO has officially announced that it is going to work closely with the regulators from the country in order to be granted a full decentralized license. The company will operate as a regulated provider, then, in the territory of the country.
In order to become a full license, the company has to show to the GFSC that it has adequate financial resources, security and IT systems and that it is fully complainant with all the anti-money laundering and terrorist financing regulation that the country has. Only then the company will be able to get the license.
To get the in-decision license, the company already had to comply with the nine basic regulatory principles which are demanded by the local legislation. However, a company has to upgrade and prove to be even better in order to get the full license.
CEX.IO was created in 2013 as a
“money services business”.
Initially, the company was not an exchange but a cloud mining platform. However, it has expanded the reach of its services since then to cater to the needs of the clients.
Oleksandr Lutskevych, the CEO of CEX.IO, has told the media that Gibraltar is one of the most crypto-friendly jurisdictions in the world. According to him, the company is proud to be one of the few platforms that will work in the country and they are looking to finally get the full regulation in order to offer even better services.