 has approved Blockbid—Australia’s Melbourne-based cryptocurrency exchange—to officially conduct its crypto-trading operations in the country.){kind=link}
The Australian Transaction Reports and Analysis Centre (AUSTRAC) has approved Blockbid—Australia’s Melbourne-based cryptocurrency exchange—to officially conduct its crypto-trading operations in the country.
Blockbid is the third only digital currency exchange to receive the license from AUSTRAC under the new regulations that arrived last week starting April 3, 2018. In the wake of increased cyber crime and attacks on crypto exchanges, Blockbid differentiates itself from its competing counterparts in the marketplace by providing them with insurance against cyber-attacks.
With the AUSTRAC license, Blockbid guarantees that it will abide by all safety and transparency rules and comply with all newly introduced regulatory requirements. Blockbid received the AUSTRAC license before its beta launch, scheduled for next week on April 16.
The launch of the platform will commence with five digital currencies – Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BCG), Litecoin (LTC), Ripple (XRP) – and four fiat currencies – AUD, EUR, USD, and JPY. The company will introduce more additional tokens during phase 2 of the beta launch.
However, before the beta version, the exchange will be launching another MVP beta version with a limited number of users allowing them to trade in demo digital currencies. The testing session will continue until all Blockbid developers and its user base feel completely satisfied.
David Sapper, COO at Blockbid said: “Since its inception Blockbid has always wanted to put customers security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence. As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well. This is a big step not only for the Australian cryptocurrency space but also for our company as it means that our vision to allow you to trade with confidence has been acknowledged by the Australian government under AML/CTF guidelines.”