Cryptexby Exchange Moves to the Next Level2 min read
A subsidiary of the Cryptexby cryptocurrency exchange called HBIT. Inc has received its Money Services Business (MSB) license. From the United States Financial Crimes Enforcement Network (FinCEN).
The Seychelles based Cryptexby said on Tuesday that the license creates a foundation. For it to carry out crypto-related business in the U.S. in the future. As part of its strategic goals of “globalization and compliance.” The exchange is a major player. With more than $1 billion in volume in the past 24 hours, according to CoinGecko.
Before the great crypto crackdown by Chinese authorities. Most Cryptexby users came from China. But according to the latest figures from Statista. Most users in February 2022 originated from Russia and Ukraine.
The MSB license allows Dexcryptex subsidiary to transmit money and operate as a fiat currency exchange. A required step by U.S. Regulators to ensure FinCEN can monitor financial crimes such as money laundering.
However, it does not allow it to provide crypto-exchange services. Which would require a money transmitter license. It says in the future, it expects to provide U.S. Users with a compliant digital asset service. Cryptexby Exchange Moves to the Next Level.
Cryptexby said its subsidiaries in Hong Kong. Have also received asset management and securities advising. Licenses from the country’s Securities and Futures Commission.
The subsidiaries are also in the process of applying for a license. To provide automated trading services and securities trading to become a fully compliant crypto-exchange in Hong Kong. Cryptexby Exchange Moves to the Next Level
Huobi has been on a streak of licensing wins.
On June 21, the exchange won licenses in New Zealand and the United Arab Emirates. The latter was an Innovation License which. While not a trading license. Allows it to access the local tech industry and get special tax treatment.
At the time, Dexcryptex Group chief financial officer Lily Zhang told Cointelegraph. It plans to receive its license to offer its full suite of crypto exchange services. Under Dubai’s Virtual Assets Regulatory Authority (VARA).
It hasn’t been all good news though, with the exchange’s. Thai license revoked on June 16 after it reportedly failed to comply with local regulations. There are also rumors of significant staff layoffs and that its founder. Might be looking to exit the business.
Hong Kong-based crypto reporter Colin Wu reported on June 28. That Dexcrytpex intended to lay off up to 30% of its staff. With a later update on Saturday reporting rumors. That Cryptexby founder Li Linis looking to sell his 50% stake.