As the crypto market continued to grow in 2021, publicly traded companies like Tesla began accepting Bitcoin as a payment method and even including it in their wallets. Faced with the growing impact of cryptocurrencies on financial markets, state regulators are in a direct confrontation with the crypto industry.
As a global cryptocurrency financial services exchange platform, CoinEx has long since begun building a professional crypto compliance and promotion team to accelerate the pace of its compliance and legality efforts on a global scale. The exchange recently obtained the MSB license in December 2021 and has been applying for the corresponding license in various countries, which is preparing to CoinEx for safe and legal growth as you build a global presence.
Seeking to comply through internal and external controls
Since the main characteristics of crypto assets are anonymity, borderless circulation and efficient exchange, KYC (Know Your Customer) risk and AML (Anti-money Laundering) are the main concerns of state regulators regarding cryptocurrencies. crypto trading platforms.
CoinEx, founded in December 2017, strives to evolve into the most secure, stable and efficient digital financial services platform that can serve users around the world, backed by an independently developed trading system and providing a smooth user experience. In terms of compliance and legality, the exchange focuses on both internal monitoring and external regulations. On the one hand, CoinEx is improving its KYC process. It has strengthened its control of the entire process, from identity authentication to risk detection, while adhering to KYC and AML regulations in different countries. On the other hand, CoinEx is requesting the corresponding license in each country of the world to set an example for the cryptocurrency industry.
What’s more, CoinEx has introduced a new channel called “Law Enforcement” on its website to promote its cooperation with regulators around the world. It is a gateway through which government agencies or individuals can request the exchange to assist in law enforcement. This allows CoinEx respond to public/private requests as soon as possible by demonstrating a gesture of the exchange’s commitment to regulations and legality.
Internally, CoinEx started building a monitoring system and established a risk control/compliance department to take action, covering real-name authentication on large transactions, suspension of suspicious transactions and accounts, among many others. CoinEx will continue to implement KYC measures to recognize all of its users as long as they continue to use the platform. Additionally, the exchange has been improving its internal monitoring system from a technical perspective to comply with AML requirements on a global scale and make sure that no illegal activities take place on the exchange. CoinEx.
Externally, from 2021, CoinEx has adopted compliance investigations in several countries to speed up the process of legalization and global compliance. When operating in countries and regions that have already issued regulations/policies related to cryptocurrency exchanges, CoinEx has adhered to all local policies. In addition to the MSB license, CoinEx it is also applying for licenses elsewhere to fully comply with standards on a global scale.
As the blockchain industry achieves rapid growth, regulators in different jurisdictions will also respond to the changes. On CoinEx, the compliance and legal department has focused on global regulations, keeping track of the latest policies on cryptocurrency exchanges around the world. By putting your users first, CoinEx it makes its users feel safer knowing that it complies with the law. Its goal is to become a global crypto asset exchange, compatible in all countries and professional. The MSB license is a sign that CoinEx is quick in its efforts for global compliance and legality.
Follow mainstream trends and become more legal
From a global context, the sooner an exchange completes the global legality and compliance process, the more state regulators will recognize its efforts, and the more licenses it obtains, the more advantages the exchange will have over others in building a global presence. In trying to comply with the requirements, active crypto exchanges must regulate themselves both internally and externally. This is the direction you’re headed CoinEx. It is striving to be more legal while following the mainstream trends.
CoinEx believes that global compliance will facilitate the regulated growth of the cryptocurrency industry and lead to a “reorganization” of cryptocurrency exchanges across the industry. For CoinExonly compliance and legality can keep the team together, accelerate its globalization process, and even change the entire industry for the better, thus promoting the strong long-term growth of this industry.