Digital asset exchange BlockQuake has applied for a New York State BitLicense with the New York State Department of Financial Services, according to a company release. Upon approval, BlockQuake will be able to engage in virtual currency business activity in New York State. BlockQuake also noted that it has registered with the Financial Crimes Enforcement Network (FinCEN), a requirement for the BitLicense.
As previously reported, BlockQuake entered into beta testing several weeks back. BlockQuake has also revealed a partnership with Prime Trust, an SEC qualified custodian.
BlockQuake said the moves represent its desire to “consistently seek and maintain the highest levels of regulatory compliance.”
While in beta production, BlockQuake said it will be conducting End to End (E2E) testing in a live environment, including KYC verifications, deposits, trade execution, security, and wallet functionalities.
BlockQuake CEO and co-founder Antonio Brasse said that as crypto grows in popularity, the need to regulate the industry is paramount:
“We are seeing new cryptocurrency regulations come into play almost daily. There is also increasing demand to address security issues,” said Brasse. “Using our wealth of experience from the traditional financial services industry, we are actively creating a better trader experience through onboarding solutions that focus on performance and security to the overall improvement of the cryptocurrency landscape.”
BlockQuake is also in the midst of a compliant security token offering available to accredited investors in the US as well as international investors.
At launch, BlockQuake will offer 6 fiat currencies (USD, CAD, GBP, EUR, JPY, AUD), as well as major cryptocurrencies (BTC, BCH, ETH, LTC, XRP, XLM, ETC). Traders from over 140 countries will also be able to use their credit or debit card to deposit funds into their exchange account.
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