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CoinZoom, a United States-regulated exchange has announced that it has received a trading license from the Bermuda Monetary Authority (BMA).
As contained in the published announcement, the license was obtained through the exchange’s subsidiary in Bermuda, CoinZoom Global Ltd. Likewise, the Bermuda Monetary Authority awarded the license under the Digital Asset Business Act (DABA).
Gradually, CoinZoom is expanding its ‘international footprint’, especially with the Bermuda trading license.
In light of this, the exchange will achieve the ultimate mission of providing safe and secured trading services to the public. With the license, the CoinZoom operation will be fully compliant with the financial regulator’s procedures. Also, CoinZoom might be permitted to offer more services like margin trading and custodial wallet services.
CoinZoom Holds Modified ‘M’ License
Now, non-US traders and investors who wish to trade digital assets can explore the US-based crypto exchange platform.
A Modified ‘M’ license was granted to CoinZoom, the exchange mentioned. Once given, any financial firm that accepts this Modified ‘M’ license is permitted to test its proof of concept. The firm must ensure its compatibility program can scale through in the long term.
After twelve months, the Modified ‘M’ license is reviewed for a Full ‘F’ license. CoinZoom is keen on protecting its customers from the risks associated with the crypto industry, especially in this time of a bearish market. Therefore, its focus is only on regulated and transparent economies with a framework that protects customers against criminal attacks and breaches.
“We believe that running our business with an abundance of caution is paramount to protecting our customers. The implementation of a clear and well-developed set of rules for crypto firms to adhere to is vital to bringing crypto to the mainstream.”
CoinZoom’s Attraction to Bermuda
The BMA offers infrastructures and frameworks which deliver transparency of operations and its services to customers. Jerome Wilson, Partner, and Head of Appleby’s Technology and Innovation practice in Bermuda regards the chance to work with CoinZoom as a pleasure.
Altogether, the exchange attraction in Bermuda island is due to the perceived strength of the region being a leading jurisdiction for the survival of a digital asset firm.
Exchanges are notably taking their license pursuit more seriously. Besides CoinZoom, exchanges like Coinbase, Binance, and Bitstamp have received highly sought-after licenses from key European nations including Italy, Spain, and France.