CEX.IO Exchange Now Free to Operate in Gibraltar and the US with Money Transmitter Licenses

The past one week has certainly been memorable for CEX.IO, and rightly so because it secured licenses to operate in the US and later in Gibraltar, all within a week!

A week after securing the coveted Money Transmitter Licenses in America, CEX.IO has been grated the Distributed Ledger Technology license in Gibraltar. The exchange announced this on Wednesday, confirming that it is now ready to operate in the two jurisdictions.

For any company wishing to run a crypto-based business in Gibraltar, it must fulfill the requirements of the Gibraltar Financial Services Commission. And for CEX.IO, the regulator was satisfied with its adherence to the Nine Regulator Principles – the regulator’s mandatory requirements.

The exchange exhibited the presence of effective corporate governance arrangements, a clear risk management framework and a proper way of preventing financial crimes. Further, the regulator was impressed with how the platform’s advanced security systems and conventions had been organized, including how clients’ assets are protected.

Gibraltar, a petite country, is fast becoming a hotbed of all-things Blockchain and cryptocurrencies across the world, thanks to its friendly government. Just over a month ago, in April, another large exchange called LMAX Digital secured a license to operate in the country.

CEX.IO, according to the platform’s CEO, Oleksandr Lutskevych, was one of the first Europe-based crypto exchanges to adopt and comply with the regulatory directives. And commenting on the newly acquired license, he said that getting certified by GFCS, one of the pioneer regulators in crypto, was a proud moment.

But before the firm started its quest to get licensed, it had to rely on the expertise of the fintech team behind Hassans International Law Firm. It is the firm’s experts that did a thorough evaluation of the exchange platform, auditing all of its internal processes.

The license, according to Lutskevych, approves CEX.IO as being a truly secure and reliable exchange and rightly so, a platform where customers can buy and sell with confidence. He further added that the platform is yet again, ready to comply with any directives to be issued after the 2020 5th Anti-Money Laundering Directive.

CEX.IO Is Also Legal In The US

Already, CEX.IO is licensed and legally mandated to operate in nine states in the US. The MTL license granted to the exchange allows it to transact in Iowa, New Mexico, Oklahoma, Kansas, West Virginia, South Dakota, New Hampshire, Maryland, and Alaska.

All these achievements, for a company that operated using the Financial Crimes Enforcement Network-issued Money Service Business License, in 2015, means it has always been operating legally. The license meant that US citizens could freely deposit and withdraw fiat on CEX.IO, even though its operations were restricted to states where MTLs were permissible.

The new licenses along with MTL now give CEX.IO the freedom to serve more clients even as it plans to cover all the 50 American states.