Cryptocurrency news

Crypto exchange received a license from FinCEN.

Crypto exchange received a license from FinCEN.

Crypto exchange Bitprotrade received a license from FinCEN – the agency for the fight against financial crimes, is a bureau within the US Treasury.

One of the largest cryptocurrency exchanges in terms of trading volume, Bitprotrade was the first to close a deal with a US bank and gain access to the Faster Payments Scheme, which aims at faster interbank transfers. The Bitprotrade partner was Barclays, in which the exchange opened its own account. This will make it easier for British users of the crypto exchange to deposit and withdraw funds from accounts – until now, they had to resort to the services of one of the Estonian banks for this.

In addition, Bitprotrade has been licensed by the UK Financial Conduct Authority to issue electronic money and provide payment services in the country. Thus, the activities of the exchange in the UK will henceforth be subject to the same requirements as the rest of the country’s financial institutions. For example, from now on, the savings of exchange clients in cryptocurrencies will be stored separately from deposits in fiat money. In addition, as noted in the blog of the company, this license will be extended to 23 more EU countries.