Crypto exchange IronX gets Estonian regulatory green light
Posted: 18 September 2018 | Source: Finextra
IronX, the new Crypto Exchange joint venture between leading global online broker IronFX Group and EmurgoHK, creator of the Cardano Blockchain, today announces it has been awarded full regulatory licence approval by the Estonian Financial Intelligence Unit (FIU).
This licence allows IronX to operate as a fully regulated exchange for the trading of cryptocurrencies, as part of their drive to set the industry standard and one of the first in Europe to seek and receive this level of approval.
IronX chose to obtain its licence in Estonia, a full EU member-state and on the forefront of introducing fit-for-purpose cryptocurrency regulation. The country is recognised for its high level of governance with its pro-innovation approach towards the advancement of DLTs and cryptocurrency regulation. Estonia has utilised blockchain technology in its own health, judicial, legislative, security and commercial code registries since early 2012.
The new licence allows IronX to operate as a:
- Provider of a virtual currency against a fiat currency exchange service
- Provider of a virtual currency wallet service
The granting of the licences, a month earlier than IronX expected, due to its rigorous application process and well-established global reputation for online broking, will provide increased security for cryptocurrency traders and users of its new cryptocurrency exchange.
By establishing a regulated, ‘best-of-breed’ and modern digital exchange, IronX will provide an increase in adoption and awareness of cryptocurrencies and cryptocurrency trading, leading to a more efficient, secured and better-serviced trading environment to the early adopters of this exciting niche of the financial services market.
Founder & Chairman of IronFX Group, Markos A. Kashiouris, commented: “We have brought all our years of experience in regulated online derivative and commodity trading to create this new seamless trading platform for our customers. Being awarded regulatory approval, which was one of our key milestones in our Whitepaper, means we now stand apart from many of our competitors in the sector, allowing investors, both private and institutional, to trade cryptocurrencies, within in same protected environment as they would trade forex, commodities, equities and other long-established tradable assets.”
The IronX Exchange is expected to launch by the end of September with a priority opening for VIP IRX token holders to its beta version and official launch to the public planned for December 2018.