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Digital Trader BHEX.SG Receives Standard Payment Institution License from MAS

by Blockchain NewsAugust 21, 2022

The central bank of Singapore also known as the Monetary Authority of Singapore (MAS) has issued a standard payment institutional license to BHEX.SG, a digital assets trading platform.

According to an announcement made by BHEX.SG, the acquisition of this license was through rigorous examination and investigations all conducted by the financial regulator, MAS.

The Standard Payment Institution License is a type of license issued to an organization to provide payment services within a particular threshold under the Payment Services Act (“PS Act”).

The first standardized threshold is a monthly transaction for any payment service valued at $3 million, but with exception given to e-money account issuance and money-changing services. Next is a monthly transaction for two or more payment services valued at $6 million, also an exception is made for e-money account issuance and money-changing services.

The last threshold which the standard payment institution license cover is the $5 million of daily outstanding e-money. The monetary watchdog ensures that all financial service providers whether traditional or in the blockchain are licensed to protect the interest and funds of Singaporeans

With this license, BHEX.SG can now act as a digital payment token (DPT) service provider to citizens of Singapore and other users in the Asian country.

BHEX.SG Supports Regulated Ecosystem

BHEX.SG is a digital assets trading firm operated by Bhop Consulting Pte Ltd, it has a commitment to providing world-class crypto services to its users.

Ultimately, the firm is focused on utilizing advanced technology to create a better future that is compliant and at the same time reliable. Established by Tyler Wu who sits as the current CEO, BHEX.SG provides its customers with high-quality and innovative services, which are equally convenient at a low cost.

Notably, the digital assets giant is one of those that prefer trading in a regulated environment. Over time, BHEX.SG has partnered with several licensed service providers in the global market. Tyler reaffirmed the company’s stance as it concerns regulation, he mentioned that compliance is necessary for the crypto space to guarantee traders’ safety.

Amongst the several companies that have bagged either a license or an in-principle approval from MAS, Revolut is one of the most recent. The British financial technology company launched in Singapore to offer its people crypto trading services. In a similar manner, Singapore-based cryptocurrency exchange, Crypto.com has also received in-principle approval from the financial watchdog.

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Swyftx Lays Off One Out of Five Staff on Account of Crypto Winter

by Blockchain NewsAugust 21, 2022

Australian cryptocurrency exchange known as Swyftx with its location in the Brisbane region has announced that it is cutting down on its staff strength by 21% which means that it would be letting go of up to 74 of its staff.

According to the co-CEOs Alex Harper and Ryan Parsons who announced to the staff, the employees who will be made redundant are not affected because of their lack of talent or commitment to the company. Rather, it was a result of the uncertain business conditions in which the exchange is thriving.

Affected Swyftx Employees Speaks about Redundancy

Additionally, the high volatility of the crypto market, as well as the possibility of a global recession occurring were considered before the decision was made. Many of the affected workers took to their personal LinkedIn pages to talk about their exit.

Amongst them was a sales manager who mentioned that she had celebrated her first anniversary with Swyftx just a few days ago. She only just found out that she was out of her job while having her honeymoon in Hawaii.

The pained sales manager talked about how it had been an incredible time at Swyftx. In particular, she had started the year with so many plans, which included training, upskilling, mentorship, and many others. Trying to stay positive, she promised to cheer the remaining members of the Swyftx team from the sideline.

Significantly, this news comes a few weeks after Swyftx announced a merger valued at $1.5 billion with Sydney-based online investment platform, Superhero.

The cutting of staff by crypto-based trading platforms is not a new trend. While Coinbase Global Inc pioneered the move, others like Gemini and Bybit amongst others have also shed off their staff to cut costs. While many exchanges have trailed this path, others like Binance and Kraken have expressed commitment to continually add to their workforce.

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Tagged : Coinbase / Exchanges / Gemini / STAFF LAYOFF / Swyftx

Bangko Sentral ng Pilipinas Warns the Public About Unregistered VASPs

by Blockchain NewsAugust 21, 2022

The Central Bank of the Philippines also known as the Bangko Sentral ng Pilipinas (Bangko Sentral) has issued a warning to citizens urging them to stay away from unregulated virtual asset service providers(VASP).

As contained in the published announcement, Bangko Sentral emphasized that virtual assets are a risky asset class with high volatility which in turn will lead to huge financial losses from price fluctuation.

Based on a statement made by Bangko Sentral ng Pilipinas, the public is urged to desist from going into business with VASPs that are either unregistered or domiciled abroad. Already, there is a high risk of price volatility in the crypto ecosystem, additionally, VASPs located outside the country’s region may “present an additional challenge on enforcing legal recourse and consumer protection and redress mechanisms for local customers, among others.”

To clarify, BSP explained that the government and the registered VASPs do not surely guarantee protection against fund losses as a result of volatility and fluctuations.

However, many of the scams and breaches perpetrated in the ecosystem were successful with the use of unregistered VASPs. Customers of VASPs are advised to conduct their due diligence and ensure that all risks have been taken into consideration before finally inputting their investments.

Correspondingly, prospective VASP customers can confirm the registration status of any crypto firm that they intend to trade with on a list that has been provided by the financial regulator.

Funnily, this precautionary warning is coming at a time when Bangko Sentral ng Pilipinas will not issue any license or approval to crypto firms and other digital assets providers.

A week ago, the financial watchdog announced that it would not process any application for a VASP license for the next three years starting from September 1st. Therefore, any VASP that wishes to make amends before its users start pulling out, would not be able to do so until 2025.

Although, it is still a tentative decision that is subject to market development reassessment. As an exception, crypto entities who wish to expand their offerings and act as a VASP with Supervisory/Assessment Framework (SAFr) would still be allowed to apply for a license.

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Tagged : BANGKO SENTRAL NG PILIPINAS / Crypto / News

Binance U.S Secures Money Transmitter License From Nevada

by Blockchain NewsAugust 21, 2022

The United States subsidiary of the world’s largest cryptocurrency exchange by trading volume, Binance U.S announced today that it has received a Money Transmitter Licence from the Nevada Department of Business and Industry, Financial Institutions Division. Markedly, this is the seventh nation granting such a license to the crypto giant.

In the past, states and regions like Wyoming, West Virginia, Rhode Island, Puerto Rico, and Idaho, had issued a similar license to Binance U.S. Generally, Binance has established itself as one of the major crypto firms that are keen on operating in a regulated market.

Speaking about the development, the CEO of Binance U.S, Brian Shroder said that Binance will “continue to take the necessary steps to ensure we are operationally compliant across the United States, our customers’ assets are secure, and our platform is safe and transparent.”

Binance Bags Approvals and Licenses Globally

Although the exchange has had its fair share in unregulated territories and has faced strict opposition in such regions. One such time was when its deal with Paysafe sparked concerns from the Financial Conduct Authority (FCA). The U.K financial watchdog was suspicious of the exchange’s operation seeing that its activities exposed users to lots of insecurities and risks.

More exciting is the number of regulatory approvals and licenses that the exchange has received so far. Binance received a full-fledged operations license from the Central Bank of Bahrain. Endorsed by the Cooperation Council for the Arab States of the Gulf (GCC), the exchange now provides its trading services to citizens of Bahrain.

Similarly, Binance bagged approval in the form of a license from the Dubai World Trade Centre. This made it the second license gained from that region. Moving over to the French region, the crypto giant once again received the authority to operate as a digital assets service provider in France.

In France, its approval appeared to be doubled as it had come from both the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR). One of the exchange’s most recent authorities is the Kazakhstan in-principle approval and the approval it secured from the Astana Financial Services Authority (AFSA).

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Tagged : Binance / Binance.Us. / Crypto Exchange / Exchanges