XREX Obtains Money Services Business License from FINTRAC

In an effort to accelerate its international expansion, XREX, a neo-fintech company, announced that it has acquired a Money Services Business (MSB) license from Canada’s FINTRAC today.

Through the acquisition of the license, the Taipei-based company will be able to enhance its crypto-fiat exchange services. Additionally, the services include cross-border payments, remittances, global transfers, foreign exchange and virtual assets dealing with clients.

XREX called the recent license acquisition an important step towards its expansion in the North American region. Founded in 2018, XREX is in process of applying to Singapore’s MAS for a Major Payment Institution license.

“Security, transparency and compliance are the keystones of XREX. As a fully registered MSB under FINTRAC, we are once again demonstrating our industry-leading ability and commitment to creating a secure platform to combat bad actors and protect our users from crypto-related crimes,” said Nick Chang, the Head of Compliance at XREX.

Moreover, XREX outlined the importance of Canada as a region for the growth of the global crypto ecosystem. According to the neo-fintech company, Canada has an innovation-driven regulatory approach for financial and crypto services providers. Last year, the country approved the world’s first Ethereum ETF. Further, the adoption of digital currencies in Canada is on the rise. In June 2021, the Canadian Elite Basketball League (CEBL) became the first pro sports league in North America to adopt Bitcoin as a mode of payment for salaries.

Focus on Global Expansion

XREX highlighted that the license will allow the company to serve more clients in Europe, Asia, the Middle East and South America.

“This license not only recognizes XREX’s ability to protect its users, but it also allows Canada-based users to leverage XREX’s time-tested platform to safely facilitate their financial transactions at low costs and in real-time,” said Catherine Lee, an advisor from Toronto Global.