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Due to this, it is ever more important for the clients to know whether they can trust cryptocurrency exchanges for trading purposes. And one way, how these institutions and platforms can persuade their clients that they are safe, is by obtaining appropriate licenses, which is what Bingbon has done.
Several Different Licenses
Ever since Bingbon began offering crypto services, it has been taking security, safe trading, and legal compliance pretty seriously. Offering any type of financial services can be very tricky, with loads of regulations in order to operate. Typically, this is not usually a problem for exchanges that are willing to do their due diligence and prepare their platform to protect the interests of their users through obtaining different types of licenses.
Money Services Business (MSB License) is very unique in the crypto space. This type of license is issued by FinCEN (Financial Crimes Enforcement Network) in the United States and is one of the highest forms of licensing any cryptocurrency exchange can receive. As with other licenses, MSB is concerned mainly with the safety and supervision of any business or company that is concerned with money services.
Even though its importance for any business or platform that offers money services is pretty high, only a few cryptocurrency exchanges were able to obtain it. Bingbon is amongst such exchanges as Bittrex, Binance, or Huobi, who were able to receive this license.
For more details about the MSB license for Bingbon, check the following link and under the LEGAL NAME, enter Bingbon.
DCE AUSTRAC License
Another important license that was given to Bingbon is the DCE AUSTRAC License. This license, as many others, makes sure that the capital or finances on the platforms and exchanges are not used for money laundering, tax evasion or funding of terrorism. Back in 2018, the Australian government passed AML legislation requiring that all exchanges operating within this continent must have this form of license.
Thanks to the new regulations and laws, AUSTRAC has the right to be involved in the supervision of the trading of cryptocurrencies such as Bitcoin or Ethereum. Therefore, for a cryptocurrency exchange that wants to operate in this area, which Bingbon wants, it is essential to hold this license.
The MTR License, which was obtained from the Ministry of Economic Affairs and Communication of Estonia serves as a license for both digital currency and digital wallet. Estonia has been one of the cryptocurrency superpowers for many years. This license is not taken lightly in the cryptocurrency community and therefore does not only provide necessary regulatory framework for the exchange, but also can lead to a boost in confidence for the users of Bingbon.
For anyone, who is willing to check the trustworthiness of the license, here are all the necessary information and links, where they can do so:
MTR Official Enquiry: https://mtr.mkm.ee/ Bingbon Registration Number: 14789250
Another type of license that Bingbon has successfully obtained is a FINTRAC MSB, a Canadian license issued by FINTRAC, Canada’s financial intelligence unit. The role of this institution is to help detect and prevent any possible money laundering or financing of terrorist activities, which is in many cases done through cryptocurrencies. A license of this type reassures users that the cryptocurrency exchange does everything in its power to prevent illicit activities and undertaking. For more details about this license, please click this link and enter Bingbon in the search bar.
What Licenses Mean for Cryptocurrency Exchange Such as Bingbon
As portrayed in this article, licenses serve several purposes for Bingbon. Some of them allow the cryptocurrency exchange to operate in the specific region, others make sure that the funds on the platform are not used in connection to terrorism or illicit activities.
For the most part however, these licenses provide protection for customers and can lead to increase in the confidence in the exchange, which is a key in the cryptocurrency space. That is also one of the reasons why Bingbon is doing so much, when it comes to safety and regulatory compliance. In that way, Bingbon can reassure its clients that funds on the platform are safe and are well managed.