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exchanges
Coinzoom Australia said that on December 3rd it was officially registered as a digital currency exchange with the Austrac financial surveillance company. Registration allows the exchange to operate legally according to Australian law. It will also function as a fiat-to-crypto exchange, with support for a variety of digital assets, including the purchase and sale of BTC, BCH and XRP.
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Complies with KYC / AML requirements
"Being fully registered … is an important step in our goal to provide globally compatible digital currency trading for institutional and retail merchants," said Todd Crosland, Coinzoom's CEO in an online statement.
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Austrac, as commonly known in the Australian Transaction Reports and Analysis Center, is a state-run financial intelligence agency that monitors financial transactions for evidence of money laundering, organized crime, tax evasion, fraud and terrorism. At the time of printing, the regulator had not responded to a request for comment.
When Coinzoom Australia launches in the first quarter of 2019, operators are expected to "fully" comply with the know-your-customer and anti-money laundering requirements of both Australian and US financial regulators, Crosland said.
The unit of Coinzoom Inc., based in the United States, claims that the platform, which caters to local and international investors, "will provide a simple and easy user experience to connect their credit card portfolios. , bank account and cryptocurrency. " "It also offers customers a model recognition system, a reward debit card and social trading capability".
Coinzoom Inc. describes itself as "an institutional grade digital currency trading platform" that supports trading in virtual currencies such as bitcoins, bitcoins, ripples and ethers. The company claims to be registered as a monetary service company in all 50 states in the United States. He says he is also in the process of acquiring remittance licenses in the states in which they are required and has already insured them in states like Florida, Iowa and Maryland. Remittance licenses allow Coinzoom to transfer funds or offer cryptographic-based payment services.
Cryptocurrency hub
Australia aims to become a leader in cryptocurrency. In September, Travelbybit, a Brisbane-based startup, revealed that it had received state funding to enable it to turn the city into a cryptocurrency hub. The company says it will use the funds to develop technologies that allow visitors to Brisbane to pay for travel expenses in virtual currencies such as bitcoins or bitcoin money.
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In June, Agnes Water – a coastal city in the Australian state of Queensland – said it had become the "first digital currency city" in the country, where transactions and payments are denominated in encryption. And a recent survey by Hiveex and Ivypay indicated that about 2.58 million Australians now have cryptocurrencies of some form, with over 2,500 virtual currency invoices paid in the country each month.
"Coinzoom's vision is to provide global cryptocurrency traders with innovative trading technology and world class digital asset security, all while complying with US and global regulatory requirements," said Crosland.
What do you think of the KYC / AML requirements as a precondition for cryptocurrency trading? Let us know in the comments section below.
Images courtesy of Shutterstock and Coinzoom.
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