24 Exchange Gets Bermudan Crypto Licence
Posted by Colin Lambert. Last updated: July 20, 2021
24 Exchange has been granted a “Class T” Digital Asset Business Licence by the Bermuda Monetary Authority (BMA) to offer cryptocurrency trading on its platform.
With the BMA license in place, 24 Exchange says it expects to launch physical cryptocurrency trading to its institutional clients later this summer, followed soon thereafter by the introduction of a crypto trading capability with non-deliverable forwards (NDFs) in BTC and ETH. The launch of crypto NDFs was widely expected after 24 Exchange won the Pitch Day competition at the Bitcoin 2021 conference earlier this year with its idea for the product.
“This BMA license enables us to reliably bring low-cost institutional grade technology to clients who wish to trade cryptocurrency products,” says Dmitri Galinov, 24 Exchange CEO and founder. “We intend to expand our platform’s trading capability in the future to encompass all the other assets on our exchange – all at best available rates. 24 Exchange’s unique NDF offering will significantly facilitate the institutional adoption of crypto products across the globe. Working with Premier Burt, the Bermuda Government’s Office of FinTech and the Bermuda Business Development Agency has been an absolute pleasure given their interest in and strong encouragement of digital asset business activity in Bermuda.”
Premier of Bermuda, the Hon. David Burt, JP, MP, adds, “I wish to congratulate 24 Exchange on the successful receipt of a Class T Digital Asset Business license. This is the first license of its kind to be issued in Bermuda and we look forward to having these innovative digital pioneers blazing new trails in our jurisdiction.”
Through the BMA license 24 Exchange will expand its range of trading services beyond its current offerings of NDF trading, FX swaps, and FX spot, along with market access and monitoring services.