24 Exchange Gets Crypto Broker Licence
Posted by Colin Lambert. Last updated: February 16, 2022
A new affiliate of 24 Exchange, 24 Exchange Broker, has received a licence from the Bermuda Monetary Authority to begin operating as a digital assets vendor. The licence allows the firm to operate as a central counterparty for crypto assets trading.
The new trading platform has been fully integrated with digital service providers Zero Hash and Fireblocks to allow for post-trade and custody solutions. Additionally, 24 Exchange’ says its existing partnerships allow for greater asset trading; for example, its partnership with Cobalt yields a solution for wallet and counterparty collateralisation. With Cobalt, a broker’s clients can utilise their own collateral in their wallet infrastructure to enable trading, eliminating the need to deposit funds in advance.
“This BMA licence for 24 Exchange Broker Ltd. enables us to bring spot cryptocurrency trading onto our institutional-grade platform, making it more available, accessible and standardised,” says Dmitri Galinov, CEO of 24 Exchange. “We are pleased to continue to drive the institutional adoption of crypto products trading at the best available rates and with around-the-clock availability. Our company truly appreciates the efficient work of the Bermuda Government’s Office of FinTech and the Bermuda Business Development Agency – as well as their dedication to supporting the growth of the digital asset sector in Bermuda.”
Separately, 24 Exchange also says it has also submitted a final Form 1 application to the US Securities and Exchange Commission for a licence to create a new national exchange. If approved, this new exchange will be the first fully electronic exchange in the US that allows trading of securities on a 24/7/365 basis.