Picking up the Pace in Compliant Operations, CoinEx Obtains the U.S. MSB License
On December 28, 2021, the crypto trading platform CoinEx had its application for the U.S. MSB license approved by the Financial Crimes Enforcement Network (FinCEN), and officially obtained the MSB license (registration number: 31000205450387).
This approval marks an important milestone in the compliant operation of CoinEx Exchange, and also recognizes its position as one of the world’s leading crypto trading exchanges. As one of the most authoritative licenses for crypto exchanges in the world, the MSB license has quite strict review procedures. With this license, CoinEx Exchange is entitled to conduct legal and compliant crypto trading all over the world to promote the development of contract derivatives, including crypto issuance, ICO, and foreign exchange.
In March 2018, the U.S. 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 digital asset-related business in the United States. The US MSB license is a financial license supervised and issued by the Financial Crimes Enforcement Network (FinCEN), an agency under the U.S. Department of the Treasury, which mainly supervises money service-related business and companies, including digital currency and virtual currency trading, ICO, and foreign exchange. As one of the top ten standard licenses for global digital currency trading institutions, global top-ranking platforms such as Coinbase, Binance, okex, and Huobi have all registered as Money Services Businesses (MSBs).
Picking up the pace in globalization, CoinEx promotes compliant operations
With the rapid development of the crypto market, compliance has become the most pressing issue facing crypto exchanges. Founded in December 2017 and relying on its self-developed core transaction matching system and extremely fast and smooth user experience, CoinEx has been committed to making itself the most secure, stable, and efficient global crypto trading platform for users around the world.
CoinEx Exchange has always adhered to a compliant global development strategy. Having registered as an MSB, CoinEx Exchange will accelerate its strategic plan for globalization. It is reported that in addition to the US MSB license, CoinEx is also actively applying for financial licenses in other countries, set on compliant operations around the world. To this exchange, the authoritative US MSB license will serve as a stepping stone to the success in the American market and even a pass to markets elsewhere. We have every reason to believe that CoinEx will soon introduce its premium brand and products to users worldwide, thereby expanding its global presence.
Since its establishment, CoinEx has long been focusing on compliant operations as well as the security of user assets. With the inroad into the US market as a compliant MSB, CoinEx Exchange has its strength and credibility highly recognized, and thus enjoys many opportunities to expand its market presence and stimulate long-term development. In the future, the “license” will be a must for all crypto exchanges. Whoever gets the license sooner will enjoy the first-mover advantage in terms of compliance.