London, Great Britain</strong>— CEX. IO, one of the largest international exchanges in the cryptocurrency market, is filingApplication forobtaining a cryptocurrency license from the Monetary Authority of Singapore (MAS) to begin its expansion into the Asian market.
Despite the early application of stringent regulatorymeasures on cryptocurrencies, Asia is experiencing increased demand for digital assets as well as a significant surge in blockchain business in recent years. In the second quarter of 2018, Asia was ranked as the third largest cryptocurrency market, accounting for 18.2% of global digital asset use. According to a 2019 report from CoinGecko, Asia-Pacific had the largest share of normalized digital asset trading volume (58%). At the same time, it accounted for 40% of new listed exchanges.
With official crypto license from MASSingapore, CEX.IO aims to establish itself in the fast-growing Asian digital asset market. The expansion will allow CEX.IO to move closer to implementing its long-term business strategy - becoming a truly global cryptocurrency exchange for both private and institutional clients.
“I believe that Singapore will become the third pillarour business and will enable CEX.IO to become a truly global corporation. Today, we have a strong presence in the United States with a growing number of money transfer licenses. We are headquartered in London and will now have an office and presence in Singapore. I believe Asia is one of the largest markets for private clients and Singapore is probably the best region at this stage to serve our institutional client base. This expansion will enable CEX.IO to continue to accelerate our growth and very soon become one of the five key players in the industry. I am delighted to be working with Richard Carrick, a professional who will leverage his extensive experience in the traditional financial and cryptocurrency markets to lead our regional office in Singapore, ”said Konstantin Anissimov, CEO of CEX.IO.
Before CEX.IO Richard Carrick served as Regional Head of Financial Crime Insurance Asia Pacific at Barclays Bank. He gained an in-depth understanding of the processes and levers for identifying and mitigating financial crime risks for large financial institutions, and for ensuring compliance. Carrick was introduced to the cryptocurrency market when he led the banking industry group, the Financial Crime Investigation Forum, where he created a dedicated focus group on digital assets. Using his experience to contribute to Barclays' cryptocurrency policy and governance system, Richard is now helping CEX.IO expand into the Asian market.
“The regional office will support growth anddeveloping a base of private and institutional clients in Asia, while providing CEX's global user base with complementary products in the Asian market. Singapore is one of the most renowned global centers for international trading and wealth management, providing an excellent opportunity to develop products for a wider range of clients. There are great opportunities for innovation, supported by the enabling environment provided by the Singapore government and regulators,” said Richard Carrick, Country Director of CEX.IO in Singapore.
Successful registration with MAS Singapore will provideCEX.IO is a payment service provider license allowing the crypto exchange to carry out digital payment services. CEX.IO will offer the same services in Asia as in other markets where the exchange is present. For example, deposit and withdrawal of fiat funds, as well as exchange between cryptocurrencies and exchange of fiat money for cryptocurrency. The MAS license will provide additional layers of protection for users in Singapore, including keeping all fiat funds in segregated customer accounts with local banks.
ABOUTCEX.IO
Founded in 2013 and based in London,CEX.IO operates one of the largest international exchanges in the cryptocurrency market. With a feature-rich digital asset exchange, CEX.IO serves over 3 million clients worldwide with a team of over 250 professionals and offices in the UK, USA, Ukraine, Cyprus and Gibraltar. From entry-level users to professional traders as well as institutions and businesses, CEX.IO caters to the needs of various cryptocurrency market players with a reliable and secure digital asset service.
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