The Financial Commission’s board has adopted resolutions approving a new applicant to join the self-regulator’s Blockchain Association, which is made up of companies transacting in digital assets. This round of approved applicants includes the cryptocurrency platform StormGain, the official sponsor of the Newcastle United Football Club.
StormGain operates a margin exchange platform that enables users to trade on leverage to multiply their exposure to market movements. The company offers a 150x maximum leverage, as well as other services, including conversion between cryptocurrencies through its instant trade feature, as well as built-in wallets to hold and exchange assets.
Joining the Blockchain Association provides StormGain with several benefits. Member firms have the opportunity to consult with industry legal and compliance professionals. The membership also helps blockchain firms solve common issues and questions arising from the physical exchange of cryptocurrencies, storage of digital assets, regional regulations, and compliance in global markets.
Among other services, the BEC offers the so-called Security Audit Certification, which is designed to perform security checks and test various blockchain-based business and smart contracts to ensure that these functions meet the industry standards for security and data protection.
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Sweetening the Offering with New Services
Leveraging SmartDec’s proprietary technology, the tool analyzes the source and executable code in accordance with customer’s requirements. The joint service with the FinaCom also helps the blockchain startups spot bugs or any other potential security flaws.
On the crypto front, the organization also launched a new tool to help cryptocurrency investors check if an investment opportunity is a scam. Dubbed ‘Blockchain Warning List,’ the service provides information about the potentially damaging behavior of certain digital asset providers.
“Blockchain Association member firms provide their current and future customers with the opportunity for any issues that arise from transacting in digital currencies to be examined and reviewed by the Blockchain Expert Committee. By doing so, the Association members contribute to a new self-regulatory process, previously not offered by regulators or other self-regulatory organizations, to resolve issues for their customers,” the regulator further explains.