On December 28, 2021, the global cryptocurrency exchange, CoinEx, had its US MSB license application approved by the Financial Crimes Enforcement Network (FinCEN), and officially obtained the legal right to conduct cryptoactive trading worldwide under registration No. 31000205450387.
This approval represents an important milestone in CoinEx's compliance operation and recognizes its position as one of the world's leading cryptocurrency trading exchanges.
As one of the most authoritative licenses for cryptocurrency brokers, the MSB has very strict review procedures. With it, CoinEx has the right to conduct legal and compliant crypto-asset trading globally to promote the development of contract derivatives, including cryptoactive issuance, ICO and foreign exchange.
In March 2018, the US Department of the Treasury and the Securities Regulatory Commission made it clear that virtual currency exchanges and their managers must register an MSB license with FinCEN before they can engage in business related to digital assets in the States United.
The US Money Services Businesses (MSBs) license is a financial permit issued by the Financial Crimes Enforcement Network (FinCEN), an agency of the US Department of the Treasury that primarily oversees companies and businesses related to financial services, including digital currency and trading in virtual currency, ICO and currency exchange.
As one of the top ten standard licenses for global digital currency trading institutions, the MSB license was acquired by world-class platforms such as Coinbase, Binance, OKEx and Huobi.
CoinEx regulatory compliance operations at a pace of globalization
With the rapid development of the cryptocurrency market, compliance has become the most pressing issue facing cryptoactive exchanges.
Founded in December 2017 and relying on its self-developed central transaction correspondence system and an extremely fast and smooth user experience, CoinEx is committed to becoming the most secure, stable and efficient global cryptocurrency platform for users across Worldwide.
The exchange has always adhered to a global development strategy in compliance with regulatory rules, and now, by registering as an MSB, the platform with more than 3 million users will accelerate its strategic plan for globalization.
It was reported that in addition to the MSB US license, CoinEx is also actively applying for financial licenses in other countries in compliant operations around the world.
For CoinEx, the official US MSB license will serve as a stepping stone to success in the US market and even a ticket to markets elsewhere. We have every reason to believe that this exchange will soon introduce its brand and premium products to users worldwide, thereby expanding its global presence.
Since its inception, CoinEx has focused on operations in compliance with regulatory bodies, as well as the security of its users' assets. With entry into the US market as an MSB in regulatory compliance, the ViaBTC group exchange has its strength and credibility highly recognized and therefore enjoys many opportunities to expand its market presence and stimulate long-term development.
In the future, the license will be mandatory for all cryptocurrency exchanges. Who get permission soon will have the advantage of being the pioneer in terms of compliance.
Disclaimer: This article is for informational purposes only, it does not constitute investment advice or an offer to invest. The CriptoFácil is not responsible for any content, products or services mentioned in this article.
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