IronX, a crypto exchange, announced on Monday that it has been approved for a regulatory license from the Estonian Financial Intelligence Unit (FIU). This means that IronX can operate as a completely regulated exchange for trading cryptocurrencies.
IronX is a joint venture between global online broker IronFX Group and EmurgoHK, the creator of the Cardano Blockchain. The crypto exchange is one of the first in Europe to apply for and receive this level of approval from a financial regulator.
Speaking to Finance Magnates, IronFX said: “We are very excited to be one the first recipients of both the ‘Provider of a virtual currency against a fiat currency exchange service’ and the ‘Provider of a virtual currency wallet service’ licences by the Estonian Financial Intelligence Unit (FIU), the first Crypto Exchange licenses we receive in an EU jurisdiction.”
“The licences were received in record time, a testament to the efficiency of the Estonian Authorities as a regulatory hub and a showcase of our Group’s exceptional regulatory credentials. The Estonian Licences bode well with our strategy of launching the first regulated Crypto Exchange that seamlessly blends Crypto with traditional margin trading.”
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Estonia is well-known for being an innovative and technology-friendly country. It has built a reputation for itself as being supportive of the advancement of distributed ledger technologies (blockchain) and cryptocurrency regulation. This is why IronX chose to obtain its license in the EU-member state, the statement said.
IronX was granted the license one month earlier than it expected. Specifically, it allows the exchange to be a provider of a virtual currency against a fiat currency exchange service and a provider of a virtual currency wallet service.
Commenting on the news, the Founder & Chairman of IronFX Group, Markos Kashiouris, said: “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.”
“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.”
Official Launch of Ironx Exchange Planned for December 2018
With the licence secured, the IronX Exchange is expected to launch its beta version at the end of this month. This will be a priority opening for its VIP IRX token holders, with the official and public launch expected to be in December 2018.