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HomeLaw & PoliticsThis platform gets licence for trading digital assets in Bermuda

This platform gets licence for trading digital assets in Bermuda

The 24 Exchange Over the Counter (OTC) platform has announced that its new subsidiary firm, 24 Exchange Broker Limited, has received a licence from the Bermuda Monetary Authority (BMA) to begin operations as a digital asset service provider. The licence also recognises the 24 Exchange platform as a significant integrated exchange for dealing with a broad range of FX and crypto assets.

On February 8, 24 Exchange Broker Ltd. got a ‘Class T’ Digital Asset Business Act (DABA) licence and began acting as a central dealer for the country’s crypto market. The licence has allowed the business to provide a central dealer role for spot bitcoin trading services, giving institutional traders more liberty. The company’s new offering helps to expedite the adoption of crypto goods among corporate investors in the region by giving them access to an anonymous cryptocurrency spot pool of liquidity.

24 Exchange’s CEO and Founder, Dmitri Galinov, commented on the development: “…..With the BMA licence, we can add spot cryptocurrency trading to the institutional-grade system, making it more open, accessible, and standardised. We’re excited to continue driving institutional adoption of crypto products by providing the best possible prices and round-the-clock access……”

The 24 Exchange was founded in 2019. It is continuing to grow as a multi-asset trading platform. The firm received a ‘Class T’ Digital Asset Business licence from the Bermuda government in July 2021 which allowed it to offer crypto trading services to institutions. At the same time, the company purchased 11B Technologies, a New York-based technology and service provider, to give the best technical foundation for its development.

 

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