Melbourne-based cryptocurrency exchange Blockbid announced that it has become the third recipient of an AUSTRAC license. This license will allow the exchange to legally operate within the island-continent, according to Australian law.
The AUSTRAC license will guarantee safety and transparency of the platform, as well as ensure its compliance with the regulatory rules. Blockbid received the license prior to the launch of the beta version of the platform on April 16.
Blockbid’s COO David Sapper commented: “Inline with Blockbid’s vision since launching in August, we are proud to announce that we are fully registered and approved with Australia’s regulatory financial oversight body AUSTRAC to operate as a digital currency exchange. 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.”
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Within the next six to 12 months, Blockbid is planning to introduce trading options against at least seven fiat currencies. However, in the upcoming beta launch, it will introduce only four fiats – USD, AUD, JPY, and EUR.
To ensure a good experience for users and verify the security features, Blockbid is first releasing an MVP beta version to a limited pool of users, allowing them to trade with demo currencies. This phase will act as a testing session and will continue until Blockbid developers and its user base are completely satisfied with the delivery.
After a successful completion of the testing phase, the exchange will release the beta version to the public with support for major digital coins – Bitcoin, Bitcoin Cash, Bitcoin Gold, Litecoin, and Ripple. Moreover, the exchange is planning to add a fleet of altcoins in the future.
“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,” Sapper added.