SBI Holdings to Launch Bank-Backed Crypto Exchange

Finally, Japanese major financial institution launched the cryptocurrency trading platform
04 June 2018   1378

After a long delay associated with security risks, the Japanese financial company SBI Holdings announced the launch of its own exchange, CoinDesk reports.

Service VCTRADE is currently only available to those users who have been pre-registered in October 2017. It is expected that the site will be open for general public in July this year.

In a statement issued on Monday, SBI explained that for the first stage VCTRADE will provide services for XRP trading. Later, the exchange is planning to list Bitcoin and Bitcoin Cash, however, it does not specify a time frame.

The decision to launch XRP trading can be explained by the close ties of SBI Holdings and Ripple: companies are engaged in joint development of solutions for cross-border payments based on the blockchain.

SBI Holdings has opened a division focused on the market of digital assets in October 2016. It was going to launch the country's first crypto exchange fully backed by a major financial institution.

The platform was registered with the Financial Services Agency of Japan in September 2017, but in February of this year it reported that it has postponed its launch because of fears that arose after the hacking of the Coincheck exchange.

Binance Singapore Unit to Apply For License

Under the new law, aimed at regulating crypto paymetns and trading, firms must register with the Monetary Authority to receive a license
17 February 2020   261

Binance, a Singapore-based cryptocurrency exchange unit, has applied for a license under the new Payment Services Act, which entered into force on January 28.

We have already applied. We submitted the application pretty fast. Binance’s Singapore entity has been in close touch with the local regulators, and they have always been open-minded.

 

Changpeng Zhao

Founder and CEO, Binance

Under the new law, crypto companies in Singapore must register with the Monetary Authority and receive one of three licenses: an exchange of money, a standard or large payment institution. The measure is aimed at regulating payments and crypto trading using requirements for participants in the traditional finance industry. Zhao did not specify which of the licenses Binance Singapore chose.

Binance has been offering crypto-fiat trading services in Singapore since April 2019 and works with eight coins, including Bitcoin, Ethereum and XRP. The trading platform is supported by Vertex Venture Holdings, a venture division of Singapore's Temasek Holdings.