BitBay to Move to Malta

Largest Polish cryptocurrency exchange is forced to move to Malta due to banking issues
30 May 2018   1292

The larges cryptocurrency exchange of Poland Bitbay decided to suspend its activities in the home jurisdiction, as banks no longer want to cooperate with it. The exchange will move to Malta, whose laws are more welcoming to the participants of the cryptocurrency market, and will work under the guidance of the new operator. 

Bitbay writes that its activities in Poland directly depend on interaction with local banks, but the last Polish bank that serviced the exchange accounts decided to suspend cooperation in the end of May.

Bitbay will close access to Polish zloty accounts after May 31. Other functions of the site will be available in full scale, however, after September 17, all trading activity on the site will be suspended, and users will only be able to withdraw their money and will not be able to make deposits.

Clients of the company will have the opportunity to register again, after the exchange has reinstated its activities in Malta. Although the platform will be managed by a new operator, it will retain the bitbay.net domain and the BitBay trademark.

Gemini Wants to Trade Crypto Securities

The broker-dealer license appeal will be sent to Financial Industry Regulatory Authority, but experts believe the plans implementation can take some time
03 July 2019   929

Gemini Bitcoin Exchange will apply for a broker-dealer license, which will allow it to operate as an alternative trading system and offer clients securities on the blockchain. It is reported by CoinDesk.

The appeal will be sent to the Financial Industry Regulatory Authority (FINRA).

Gemini has previously entered into a partnership with Harbor, a startup specializing in real-world assets tokenization, which gives institutional investors the opportunity to purchase securities using Gemini Dollar (GUSD).

However, now, as source familiar with the operating activities of Gemini said, the exchange plans to launch trading in similar instruments on its own platform. It is assumed that this will be securities from Harbor, as well as from other projects.

Implementation of these plans, however, may take quite a long time, so FINRA is in no hurry to approve applications for obtaining a broker-dealer license from cryptocurrency companies. Currently, the organization is considering about 40 such applications, while some companies have been waiting for 14 months to complete.

In April, Harbor raised $ 28 million in funding from a number of venture capital investors, including Andreessen Horowitz and Pantera Capital. In November of the same year, the company launched a platform for distributing security tokens, starting with the sale of shares in The Hub residential complex in South Carolina.