• NOW

News

  • NOW
Australia’s Blockbid Exchange Granted Cryptocurrency License by Austrac

Australia’s Blockbid Exchange Granted Cryptocurrency License by Austrac

Blockbid is now registered with the Australian Transaction Reports and Analysis Centre (Austrac). This makes it only the third company granted permission to legally operate as a cryptocurrency exchange in Australia since new regulations came about last week.

Also Read: Stanford, Wharton and Georgetown Expand Bitcoin Business Classes

Cyber Insurance

Australia’s Blockbid Exchange Granted Cryptocurrency License by AUSTRACAustrac has approved an application by cryptocurrency exchange Blockbid, in accordance with the new regulatory powers given to it starting 3 April 2018. The platform’s main differentiating feature compared with most other marketplaces is providing insurance to users against any potential cyber-attacks. It also plans to offer the ability to trade with at least seven different fiat currencies in the next 6-12 months, with four available during an upcoming beta launch.

David Sapper, COO at Blockbid commented: “Since its inception Blockbid has always wanted to put customers security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence. As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well. This is a big step not only for the Australian cryptocurrency space but also for our company as it means that our vision to allow you to trade with confidence has been acknowledged by the Australian government under AML/CTF guidelines.”

Beta Launch

Australia’s Blockbid Exchange Granted Cryptocurrency License by AUSTRACBlockbid also revealed further details about their beta launch, set to go live April 16th. It will begin with a limited number of users, who will explore the platform without trading real currency, and will continue until developers and users are satisfied with delivery.

After upgrading the system based on user feedback and further testing, phase one of the beta launch will open to general the public. This will commence with five cryptocurrencies and four fiat currencies: bitcoin (BTC), bitcoin cash (BCH), bitcoin gold (BCG), litecoin (LTC), ripple (XRP), USD, AUD, JPY, and EUR. Lastly, many additional tokens will be introduced in phase two of the beta launch.

Should Australians feel safer with local exchanges getting licensed by the authorities? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Do you agree with us that Bitcoin is the best invention since sliced bread? Thought so. That’s why we are building this online universe revolving around anything and everything Bitcoin. We have a store. And a forum. And a casino, a pool and real-time price statistics.

Tags in this story
AML, austrac, Australia, australian, Bitcoin exchange, Bitcoin License, Counter-Terrorist Financing, crypto exchange, Cryptocurrency Exchange, Cryptocurrency license, cyber insurance, License, N-Featured
Related
VERDAD is the Most Dangerous Crypto Bill to Face Congress Yet
VERDAD is the Most Dangerous Crypto Bill to Face Congress Yet

The U.S. Congress is considering more than 20 bills on cryptocurrency. One deserves special attention: S.1025, the Venezuela Emergency Relief,… read more.

Changes Afoot for Philippine Crypto-Friendly Economic Zone
Changes Afoot for Philippine Crypto-Friendly Economic Zone

The special economic zone in the Philippines known for its crypto friendliness is undergoing some changes. Government-owned Cagayan Economic Zone… read more.

Avi Mizrahi

Avi Mizrahi is an economist and entrepreneur who has been covering Bitcoin as a journalist since 2013. He has spoken about the promise of cryptocurrency and blockchain technology at numerous financial conferences around the world, from London to Hong-Kong.