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Multi-asset exchange wins crypto trading license in Bermuda

July 21, 2021. Summarized by summa-bot.

Compression ratio: 41.4%. 1 min read.

OTC trading platform 24 Exchange has secured a digital asset business license from the Bermuda Monetary authority, expecting to offer crypto services this summer.

A multi-asset class trading firm in Bermuda has secured major regulatory approval allowing it to offer cryptocurrency trading services.

Over-the-counter trading platform 24 Exchange has acquired a “Class T” digital asset business licence from the Bermuda Monetary Authority (BMA) to roll out cryptocurrency trading on its institutional-grade platform.

The firm officially announced Tuesday that the new license was granted under the Bermuda Digital Asset Business Act 2018.

In order to secure the license, 24 Exchange has been working closely with the Bermuda Government’s Office of FinTech, the Bermuda Business Development Agency, as well as Bermuda Premier David Burt.

“We intend to expand our platform's trading capability in the future to encompass all the other assets on our exchange – all at best available rates.

Last October, BMA granted a “Class F” digital asset business licence to crypto exchange Bittrex Global, allowing it to offer crypto services like futures trading.

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