Currency.com, a regulated digital assets platform, has reportedly been awarded a new distributed ledger technology (DLT) license by the Gibraltar Financial Services Commission (GFSC).
As mentioned in a release shared with Crowdfund Insider:
“The license allows [Currency.com] to use DLT for storing or transmitting value belonging to others in connection with the provision of dealer and custody services.”
Currency.com is currently regulated in Belarus under the nation’s legislation for cryptocurrencies, initial coin offerings (ICOs) and smart contracts.
Jonathan Squires, CEO at Currency.com, stated:
“Our operations in Gibraltar are part of our commitment to expanding across the globe, offering a blockchain-backed, highly regulated and secure service designed to give customers the flexibility they’ve been looking for.”
“Gibraltar has been working on financial regulation in this area for many years and has a strict application process for crypto companies. Our Gibraltar license is an important endorsement for the platform and further confirms our adherence to the most stringent standards, providing the highest level of safety and security for our traders.”
Last year, Currency.com launched new mobile apps and expanded its Hong Kong securities for trading
At the time of the launch (in May 2019), the platform reported that it saw more than 150,000 users apply to use cryptocurrencies to buy and trade tokenized securities.
The company had noted at that time:
“The launch includes a slick new mobile app that brings a raft of advanced features and powerful technology to crypto traders, allowing them to take advantage of the ability to buy and trade tokenized securities on the go. It also offers a host of new capabilities to crypto traders that have been long used in the traditional financial world such as 50% margin close outs and selling at loss.”
In February 2020, Currency.com was accused of exploiting Know Your Customer (KYC) policies in order to withhold user funds. As reported by News.Bitcoin.com in February 2020, a customer had claimed that their funds were “stuck” on Currency.com because they were unable to “prove the origin of [their] funds.”