New cryptocurrency exchange IronX recently announced that it has been awarded full regulatory license approval by the Estonian Financial Intelligence Unit (FIU).
The license permits the IronX (a joint venture between leading global online broker IronFX Group and EmurgoHK – creator of the Cardano Blockchain) to operate as a fully regulated exchange for the trading of cryptocurrencies.
IronFX says obtaining the license is part of the company’s “drive to set the industry standard” and that the exchange is “one of the first in Europe to seek and receive this level of approval.
IronX says it chose to seek the license in Estonia because the full EU member-state is at the forefront of introducing fit-for-purpose cryptocurrency regulation.
Estonia is recognized for its high level of governance and its pro-innovation approach towards the advancement of DLTs and cryptocurrency regulation and has been utilizing blockchain technology in its own health, judicial, legislative, security and commercial code registries since early 2012.
The license allows IronX to operate as a “provider of a virtual currency against a fiat currency exchange service” and “provider of a virtual currency wallet service”.
IronX says it believes that granting of the license, a month earlier than expected, was due to its “rigorous application process and well-established global reputation for online brokering”.
IronX also claims the license will help to provide “increased security for cryptocurrency traders and users of our new cryptocurrency exchange.”
“By establishing a regulated, ‘best-of-breed’ and modern digital exchange, IronX will provide an increase in adoption and awareness of cryptocurrencies and cryptocurrency trading, leading to a more efficient, secured and better-serviced trading environment to the early adopters of this exciting niche of the financial services market,” said a company press release announcing the granting of the licence.
“We have brought all our years of experience in regulated online derivative and commodity trading to create this new seamless trading platform for our customers,” said Markos Kashiouris, Founder and Chairman of IronFX Group.
“Being awarded regulatory approval, which was one of our key milestones in our whitepaper, means we now stand apart from many of our competitors in the sector, allowing investors, both private and institutional, to trade cryptocurrencies, within in same protected environment as they would trade forex, commodities, equities and other long-established tradable assets,” he added.
The IronX exchange is expected to launch by the end of September, with a priority opening for VIP IRX token holders to its beta version, and its official launch to the public is planned for December 2018.