Cryptocurrency Exchange Blockbid Obtains License from AUSTRAC

Announcements, News, Regulation | April 11, 2018 By:

Melbourne cryptocurrency exchange Blockbid has been granted permission to legally operate in Australia.

The Australian Transaction Reports and Analysis Centre (AUSTRAC), the country’s financial intelligence agency, has approved an application by Blockbid in accordance with the new regulatory powers given to the agency. Blockbid is only the third company granted permission to legally operate as a cryptocurrency exchange. The previous two AUSTRAC license recipients are Independent Reserve and CoinSpot.

“Inline with Blockbid’s vision since launching in August, we are proud to announce that we are fully registered and approved with Australia’s regulatory financial oversight body AUSTRAC to operate as a digital currency exchange,” said David Sapper, COO at Blockbid.

Blockbid received the license prior to the launch of the beta version of its platform on April 16. The company vows to provide a complete offering of cryptocurrency on one single exchange platform, while providing insurance to protect users against any potential cyber-attacks. The exchange said they will offer the ability to trade with at least seven different fiat currencies in the next six to 12 months, with four being made available immediately during the beta launch.

To ensure a good experience for users and verify the security features, Blockbid is first releasing an MVP beta version to a limited pool of users, allowing them to trade with demo currencies. This phase will act as a testing session and will continue until Blockbid developers and its user base are completely satisfied with the delivery.

After upgrading the system based on user feedback and further testing, phase one of the beta launch will open to general the public, initially with top cryptocurrencies and a selection of fiat currencies: Cryptos: bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BCG), Litecoin (LTC), Ripple (XRP). Fiats: USD, AUD, JPY, Euro.

“Since its inception, Blockbid has always wanted to put customer security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence,” Sapper said. “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.”