Crypto Broker AG, the Swiss holding Crypto Finance AG’s subsidiary, has obtained a broker-dealer license from the local financial regulator FINMA. This will open cryptocurrency trading to large players, including commercial banks.
Great news: our brokerage was granted a FINMA securities house licence to offer new products, services, and trading features that meet the standards of prudential regulatory oversight. Place your trust in an expert, licenced counterparty. Learn more: https://t.co/6d1JF0TbIl#BTC
— Crypto Finance (@CryptoFinanceAG) February 1, 2021
According to the company’s CEO, Rupert Rotenhozer, the FINMA license will broaden the scope of the business and heighten regulatory compliance, risk monitoring, and liquidity.
Some banks have strict mandates to trade only with regulated counterparties. Now we meet that criterion. We have been waiting for this license for four and a half years,
Rotenhozer added that FINMA approval will also permit the firm to hold funds in fiat, facilitating payments. The head of the company announced an expansion of its client base in the near term.
The Crypto Broker AG license places the company on a par with regulated crypto banks SEBA and Sygnum. The Swiss firm plans to enter the security-token space after the blockchain law comes into force.
In April 2020, Crypto Finance AG raised $14.5 million, a sum required to obtain the broker-dealer license.
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