IronX, a cryptocurrency exchange established in June 2018 by the IronFX Group and EmurgoHK, the founders of the Cardano (ADA) distributed ledger technology (DLT) project, has received the approval of the Estonian Financial Intelligence Unit (FIU), to conduct business in the region as a fully regulated cryptocurrency trading venue.
The firm is now one of the first exchanges in the whole of Europe to achieve such feat, reported Finance Magnates on September 18, 2018.
To Support Crypto-to-Fiat Transactions
While Europe remains a relatively crypto friendly region, many bitcoin-linked businesses are yet to get the nod of regulators in the continent. Per a Finance Magnates report, IronX has added its name to the history books as one of the few crypto trading platforms to apply for and receive the full approval of a financial regulator.
With the license, IronX will now be able to offer clients crypto-to-fiat transactions, cryptocurrency wallet services, traditional margin trading, and more.
“We are very excited to be one [of] the first recipients of both the ‘the provider of a virtual currency to fiat exchange service’ and the provider of a virtual currency wallet service,” a spokesperson from IronX told Finance Magnates.
Founded in 2010, with its headquarters located in Limassol Cyprus, the joint parent company of IronX, IronFX is a leading forex broker offering clients forex trading, CFDs, and other financial services. The Financial Conduct Authority (FCA) regulates the platform in the U.K. and also has the approval of key regulators in Cyprus, Australia, and South Africa.
Obtaining a cryptocurrency license for its IronX cryptoassets exchange was thus a fast and seamless process for the firm.
The founder and chairman of IronFX Group Markos Kashiouris noted that the eight years of experience the firm has in the derivative and commodity trading world has helped it achieve its goal of creating an all-in-one trading platform for its clients. He said:
“We now stand apart from many of our competitors in the sector, allowing investors, both private and institutional, to trade cryptocurrencies, within [the] same protected environment as they would trade forex, commodities, equities and other long-established tradable assets.”
The beta version of the IronX Exchange is scheduled to go live by the end of September 2018; however, the team has hinted that the platform will only be open to its VIP IRX token holders and the official launch will be held later in December 2018.
Even with the super volatile nature of the cryptocurrencies, heavyweight institutional investors are joining the crypto jet to the moon with each passing day.
Earlier in August 2018, BTCManager informed that Intercontinental Exchange, which is the parent firm of the NYSE, has joined forces with Starbucks and Microsoft to launch the Bakkt Cryptocurrency Exchange.