Crypto Exchange IronX Receives Operating License In Estonia

Announcements, News, Regulation | September 19, 2018 By:

Crypto exchange IronX has received regulatory approval from the Estonian Financial Intelligence Unit (FIU).

IronX, first announced last month, is a joint venture between foreign exchange trading provider IronFX and EmurgoHK ‎Group, developer of the Cardano Blockchain and the ADA Coin. The platform is leveraging the resources of IronFX, including its regulatory and operational practices, back office, risk management, account management, and payment and banking solutions.

The new license will allow IronX to operate as a fully regulated exchange for the trading of cryptocurrencies. IronX chose to obtain its licence in Estonia, a full EU member-state, because of the country’s technology-friendly stance. Estonia has been supporting the advancement of blockchain and cryptocurrency regulation. The country’s digital society is underpinned by blockchain and its secure digital identities provide a significant advantage to blockchain firms that need to verify online identities.

“We are very excited to be one the first recipients of both the “Provider of a virtual currency against a fiat currency exchange service” and the “Provider of a virtual currency wallet service” licenses by the Estonian Financial Intelligence Unit (FIU), the first Crypto Exchange licences we receive in an EU jurisdiction,” IronFX said. “The licenses were received in record time, a testament to the efficiency of the Estonian Authorities as a regulatory hub and a showcase of our Group’s exceptional regulatory credentials. The Estonian licenses bode well with our strategy of launching the first regulated Crypto Exchange that seamlessly blends Crypto with traditional margin trading.”

The company added that the licenses will provide increased security for cryptocurrency traders and users of its new cryptocurrency exchange. The IronX Exchange is expected to launch its beta version at the end of this month, with a priority opening for VIP IRX token holders.

Markos A. Kashiouris, founder and chairman of IronFX, said that they being awarded regulatory approval means they now stand apart from many of their competitors in the sector, allowing investors, both private and institutional, to trade cryptocurrencies, within in same protected environment as they would trade forex, commodities, equities and other long-established tradable assets.