CEX.IO to Develop Operations in the USA

There comes a stage within the lifespan of latest applied sciences, paradigms, and companies that they endeavor to mature, to develop from their roots and develop, generally into the prevailing universe and generally into the unknown. Change, as they are saying, is nice. With this publish, we need to honor the start of a brand new period for CEX.IO – the launch of a devoted presence within the US, CEX.IO Corp. The official opening of an workplace on the opposite facet of the Atlantic Ocean is simply the tip of the iceberg of labor we’ve carried out. Functions for licenses, compliance with anti-money laundering necessities, the institution of partnerships with quite a few fee processing suppliers and banks are simply a few of the examples. To not point out that we’ve been serving choose states within the US from the very starting of CEX.IO! Enlargement to the US weaves natively into our historical past. To see how, let’s take a look at the massive image first.  

Evolution of digital belongings

It began with an obscure whitepaper by an nameless Satoshi Nakamoto in 2009 – and the discharge of the primary world cryptographic asset, Bitcoin. Nakamoto envisioned Bitcoin to turn into a worldwide peer-to-peer digital money system. Every bitcoin was programmed to be divisible into models of 100 million, or “satoshi”, per bitcoin – in order that if all 21 million Bitcoin ever to be created had been distributed worldwide, you possibly can purchase a cup of espresso with one “satoshi”. The dream of a worldwide medium of alternate impartial of a centralized monetary establishment, with an immutable public ledger that would not be altered, would change the normal paradigm of finance and central banking endlessly. Lofty in scale and daring in inspiration, Bitcoin was born within the wake of a worldwide monetary recession. Exterior the scope of current regulation, far faraway from the mainstream and initially struggling to realize mass adoption, Bitcoin has been declared lifeless many occasions over. But it persists. 

Since 2009 the “crypto” house has grown to incorporate 1000's of digital belongings, starting from a worldwide transaction settlement token to a pending Fb stablecoin primarily based on a basket of currencies which could be distributed to over 2.7 billion customers. Essentially the most formidable of cryptocurrencies elicited the worldwide ire of the federal government and banking elite on day one in every of their bulletins. 

What has actually pushed this enlargement are the marketplaces to distribute and commerce digital belongings. These marketplaces ranged in scale – from a couple of dozen programmers exchanging bitcoin by way of hobbyist on-line message boards to correct centralized and decentralized high-frequency buying and selling exchanges extra resembling NYSE, CME and EBS. 

Bitcoin has lead the ever-evolving market. Within the 10 years since its inception, the digital asset class has exploded; a whole lot of billions of {dollars} in market capitalization, 1000's of latest cryptographic belongings created, all with the intention of making use of blockchain expertise to unravel real-world issues. Quadrillion (a thousand trillion!) is a quantity that the business analysts are tossing round as an estimate of the longer term market cap measurement, when factoring within the tokenization of actual belongings worldwide. 

Within the dramatic rise of digital asset distribution and the proliferation of buying and selling markets, generally the purpose of driving innovation goes previous the purpose of regulatory consolation as not each aspect within the ecosystem is ready to sustain. The distinction is CEX.IO. Since 2013, our relentless efforts to innovate and ship buying and selling applied sciences and devices on this surroundings has remained steadfast as we try to supply a trusted, regulated, and safe buying and selling platform to our purchasers. 

The unregulated alternate house could initially appear fairly engaging to a person. The abundance of assorted digital belongings, no KYC, no limits. These all appear to be a dream come true, till actuality kicks in. 2019 alone doesn't lack examples the place customers of a number of unregulated exchanges misplaced their funds or entry to their accounts as a consequence of safety hacks, cash laundering lawsuits, securities legislation violations, or plain fraud. Counterparty danger is large when your alternate is accessible solely by way of VPN and is domiciled in a PO Field on the leeward facet of Monkey Island. Security of funds comes into query when an alternate tops the quantity rankings of Coinmarketcap throughout the first months of its existence with virtually apparent manufacturing of quantity with wash gross sales carried out by the alternate itself.

The ever-increasing competitors and the shortage of regulation drives many exchanges within the house to resort to unsavory development methods. This comes at the price of elevated danger, handed on to the person more often than not. This isn't how CEX.IO does enterprise.

Who do you belief to commerce with and custody your belongings? 

Growing counterparty danger for our prospects has by no means been part of our technique. At CEX.IO, we’ve all the time understood the duty that comes with taking custody of customers’ funds. Over the course of the final six years, we’ve stayed true to our volumes and prevented any potential market manipulation on our platform. 

We imagine the one method to develop for us is by nurturing a loyal and increasing buyer base. To attain that, we've to supply a safe and dependable platform for our customers to interact with the crypto economic system. Belief is paramount for this ecosystem. Regulation, from self-imposed strict guidelines to acquiring licenses, is an inevitable a part of constructing this belief.

The regulated exchanges are a particular breed within the crypto universe. Why? As a result of they're topic to a better normal – somebody is trying below the rock. 

At CEX.IO, we’ve pursued larger requirements since inception, and we all know that our six-year historical past of delivering companies with an unblemished report provides you with peace of thoughts within the security of your belongings. We welcome the diligence and cautious investigation that regulation and licensing entail. Whether or not that be intensive audits of our financials, thorough background checks, rigorously vetted anti-money laundering and know your buyer procedures, penetration checks on our expertise infrastructure and even our willingness to create a clear dialogue with our regulators; we're right here to earn your belief. 

When different massive exchanges have run from regulation, CEX.IO has embraced it. Now we have been in a position to convey our companies to 224 nations and territories all over the world and now we need to convey it to the individuals of the USA. That is an unimaginable alternative that, frankly, we've earned. 

Our Story

CEX.IO started in 2013 as the primary and authentic Bitcoin mining pool (contributors pool assets for a better hash fee with a view to improve the percentages of mining a block of Bitcoin efficiently – assume crowdfunding for the gold rush in Alaska). We’ve since transitioned to the alternate mannequin, with over 2.7 million registered customers throughout the globe. We're over 250 professionals robust, delivering companies from 5 workplaces worldwide. The expertise of our buying and selling platform has been constructed in-house, and our founder was one in every of three software program engineers who wrote the supply code of the unique matching engine.

CEX.IO has been registered in the USA with FinCEN as a Cash Service Enterprise (“MSB”) since 2015 and has accomplished three profitable impartial annual audits, demonstrating our continued compliance with MSB necessities within the US. We're pursuing registration in Gibraltar, the UK, Cyprus, and different jurisdictions. 

CEX.IO is likely one of the few exchanges to just accept bank cards for crypto purchases. We proceed bettering this course of for our customers and we allow a rising variety of main crypto portals with the identical functionality on their again finish. Our staff has established banking relationships with dozens of various banks in 12 nations, together with the USA. The checklist goes on.

CEX.IO is actively pursuing regulated standing all around the world – as a result of we would like our purchasers to know that we aren’t right here to make a fast buck and run away. Our expertise transforms, however the underlying rules of how we function stay the identical. We're within the enterprise to not simply marginally enhance the person expertise; as an alternative, we aspire to radically remodel it whereas giving purchasers instruments they will belief. On the core, CEX.IO is targeted on guiding its customers into the world of open finance in a straightforward, environment friendly, protected, and clear means. We're right here to remain, and are all the time obtainable to you, striving to be the trusted place for worldwide audiences to take part within the digital evolution. The digital alternate house is altering, and changing into extra regulated, to the good thing about purchasers and exchanges as a complete. CEX.IO is on the forefront of this mandatory evolution, all around the world. We love our purchasers, and we love what we do! 

CEX.IO City Corridor Q2 2019

Our subsequent transfer – to acquire Cash Transmission Licenses in each state in the USA. 

Why? We're pursuing a better bar – in all particular person US states – to turn into accredited, licensed, bonded, regulated, quarterly audited license holders. This may enable CEX.IO to service all jurisdictions within the US and to proceed in our mission to supply a regulated, trusted path for most of the people to take part within the digital economic system. We’ve already acquired 9 licenses in 2019, with many extra to come back. 

CEX.IO has launched a devoted US presence – CEX.IO Corp – to facilitate US development below a clear, regulated umbrella. We're excited to serve new geographies and to roll out new merchandise uniquely tailor-made to these geographies. What a gap of the US workplace means for the prevailing customers, each within the US and outdoors, we’ll cowl in upcoming posts quickly! Keep tuned!

Lastly, it's symbolic that we announce our new workplace round July 4th, a day when 13 American states declared independence from the British monarchy in 1776. At the present time marked the start of a brand new nation that grew into one of many strongest, whereas embracing variety from all all over the world. At CEX.IO, we're reminded of our variety each single day. This enlargement to the US comes naturally on our evolutionary path. With the UK workplace nonetheless being our alma mater, we open new doorways within the US, thrilled concerning the alternatives, happy with the work achieved, and enthusiastic about what lies forward. Right here’s to new horizons!

 The CEX.IO Staff 

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