B2BX Exchange has secured approval for a regulatory licence from the Estonian Financial Intelligence Unit (FIU) to operate as a completely regulated exchange for trading cryptocurrencies.
Image: B2BX secures regulatory approval in Estonia. Photo: Courtesy of Thought Catalog/Unsplash
B2BX Exchange, part of the B2Broker group of companies, is a professional digital asset trading platform which offers simple access to institutional level liquidity.
The company said it applied for the licence in Estonia because of the country’s reputation of being technology-friendly. The EU-member country is also claimed to be taking a leading stance in advancing blockchain technologies and cryptocurrency regulation.
The licence, which comes into effect shortly, will allow B2BX Exchange to provide extended level of services which include crypto-to-crypto service and soon to be crypto-to-fiat.
B2BX Exchange users will experience increased transparency and security because of strict KYC procedure adherence, stated the company.
In addition, under regulation, the users will get increased automatic deposit and withdrawal daily limits and exchange and withdrawal facilities in fiat currencies via bank transfer and all major PSP providers.
B2Broker group CEO and founder Arthur Azizov said: “We are delighted to have secured regulatory approval from Estonia, placing B2BX Exchange in the enviable position of being one of the first exchanges to achieve this accolade. I have long been a proponent of regulation which I believe will promote further the adoption of cryptocurrency usage and cryptocurrency trading.
“Our users will be able to benefit from an enhanced level of protection, safe in the knowledge that they are dealing with a world-leading, regulated cryptocurrency exchange.”
B2BX Exchange stated that securing FIU licence in Estonia, can the pave the way for the company to attain further licences with recognized jurisdictions, as it has plans to submit for licences with several other regulators, details of which will be announced in the due course.
B2BX Exchange is a full-featured spot trading platform which enables users to trade major digital assets and cryptocurrencies, including Bitcoin, Ethereum, NEM, Litecoin, Ripple, NEO, Monero, NEM and Dash.
The company is one of a limited numbers of exchanges in the world that support all five major stable tokens.