We are happy to share that CEX.IO has received “in-principle” status for the Distributed Ledger Technology (DLT) license issued by the Gibraltar Financial Services Commission (GFSC). This means that we are currently at the beginning of the final stage in the authorization process. To receive the license, it is essential to prove that all the procedures in our company satisfy the final GFSC conditions.
The Distributed Ledger Technology (DLT) license
Gibraltar, the issuer of the DLT license, is one of the first crypto-friendly regulators for licensing businesses dealing with cryptocurrencies. The regulator thoroughly examines the procedures of companies that apply for regulation. Only after rigorous checks do they provide licenses to applicants.
Companies seeking regulatory approval have to prove that their corporate governance and risk management, protection of client assets, and financial crime prevention practices are in line with tough regulatory standards. We are proud that our procedures have successfully passed all examinations and in some aspects have even surpassed the regulatory standards.
CEX.IO and the regulatory sphere
We understand the relevance of regulations to the cryptocurrency sphere and their contribution to increasing customer trust. Therefore, we have always strived to meet the regulatory requirements of countries where we deliver our services.
Since CEX.IO was established, we have been a self-regulated cryptocurrency exchange following industry best practices. In addition to a set of internal procedures and rules, we also successfully work with external regulators. In 2015, CEX.IO registered as an MSB (Money Services Business) with FinCEN in the United States.
Currently, we are cooperating with regulators in various jurisdictions, including Gibraltar, Cyprus, and the UK. In doing so, we are trying to increase awareness of the specifics of cryptocurrency and blockchain regulation and thus help the cryptocurrency sphere become more transparent.
To fulfill our mission and guide our customers into the open financial system, we are building a set of services that meet all their needs. And we believe that meeting regulatory standards will help us provide those services with the highest possible quality.