NASDAQ-Powered Crypto Exchange DX Hits 500,000 Users Ahead of Launch
- The centralized P2P exchange is set to launch later this month
DX Exchange, a new centralized cryptocurrency exchange, has reached an impressive milestone today when it managed to onboard 500,000 registered users.
The NASDAQ powered exchange, revealed exclusively by Finance Magnates only a month ago, went on a marketing blitz and managed to attract much attention. There were a few unconfirmed rumors involving its number of users, but today the company officially revealed that it onboarded half a million registered traders ahead of its official launch.
The company attributes this impressive figure to its relatively low fee of 10 EUR per month for its Lite account. Along with that, the partnership with NASDAQ has also had a positive impact. According to the company, this cooperation mandates that the exchange will be compliant with a set of restrictions. For instance, double count trading and 'fake volumes' - a feature that is a part of some crypto exchanges - is not an option.
Moreover, this allows the exchange to use NASDAQ's matching engine and to have a fast execution between parties.
European Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Read this Term
According to Daniel Skowronski, CEO and Co-Founder of DX, a number of asset managers looking for custodial services, have contacted the exchange to explore possible cooperation.
Daniel Skowronski
“Because we are fully regulated, a number of Banks and Brokers have reached out on how they can connect directly to the exchange to give their clients access,” says Skowronski.
The full launch of the exchange is set to happen later this month. "We're about to open the doors to DX.Exchange, and obviously this is a very exciting time for us," says Skowronski. Expectations are high, and we will not let down the 500,000 who believe in us, and the remaining members of the Crypto-community as well," he added.
Security token friendly
The exchange platform will allow traders to purchase crypto with fiat money, to trade on a token-to-token basis, as well as to convert the coins back to fiat and to withdraw it.
Most recently, the exchange announced the launch of a platform for trading security tokens. "We are security token friendly," said Skowronski, commenting on the topic to Finance Magnates.
DX Exchange, a new centralized cryptocurrency exchange, has reached an impressive milestone today when it managed to onboard 500,000 registered users.
The NASDAQ powered exchange, revealed exclusively by Finance Magnates only a month ago, went on a marketing blitz and managed to attract much attention. There were a few unconfirmed rumors involving its number of users, but today the company officially revealed that it onboarded half a million registered traders ahead of its official launch.
The company attributes this impressive figure to its relatively low fee of 10 EUR per month for its Lite account. Along with that, the partnership with NASDAQ has also had a positive impact. According to the company, this cooperation mandates that the exchange will be compliant with a set of restrictions. For instance, double count trading and 'fake volumes' - a feature that is a part of some crypto exchanges - is not an option.
Moreover, this allows the exchange to use NASDAQ's matching engine and to have a fast execution between parties.
European Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority (FCA), the US’ Securities and Exchange Commission (SEC), Australian Security and Investment Commission (ASIC), and the Cyprus Securities and Exchange Commission (CySEC) are the most widely dealt with authorities in the FX industry.In its most basic sense, regulators help ensure the filing of reports and transmission of data to help police and monitor activity by brokers. Regulators also serve as a countermeasure against market abuse and malpractice by brokers. Brokers adhering to a list of mandated rules are authorized to provide investment activities in a given jurisdiction. By extension, many unauthorized or unregulated entities will also seek to market their services illegally or function as a clone of a regulated operation.Regulators are essential in snuffing out these scam operations as they prevent significant risks for investors.In terms of reporting, brokers are also required to regularly file reports about their clients’ positions to the relevant regulatory authorities. The most-recent regulatory push in the aftermath of the Great Financial Crisis of 2008 has delivered a material shift in the regulatory reporting landscape.Brokers typically outsource the reporting to other companies which are connecting the trade repositories used by regulators to the broker’s systems and are handling this crucial element of compliance.Beyond FX, regulators help reconcile all matters of oversight and are watchdogs for each industry. With ever-changing information and protocols, regulators are always working to promote fairer and more transparent business practices from brokers or exchanges. Read this Term
According to Daniel Skowronski, CEO and Co-Founder of DX, a number of asset managers looking for custodial services, have contacted the exchange to explore possible cooperation.
Daniel Skowronski
“Because we are fully regulated, a number of Banks and Brokers have reached out on how they can connect directly to the exchange to give their clients access,” says Skowronski.
The full launch of the exchange is set to happen later this month. "We're about to open the doors to DX.Exchange, and obviously this is a very exciting time for us," says Skowronski. Expectations are high, and we will not let down the 500,000 who believe in us, and the remaining members of the Crypto-community as well," he added.
Security token friendly
The exchange platform will allow traders to purchase crypto with fiat money, to trade on a token-to-token basis, as well as to convert the coins back to fiat and to withdraw it.
Most recently, the exchange announced the launch of a platform for trading security tokens. "We are security token friendly," said Skowronski, commenting on the topic to Finance Magnates.