24 Exchange Obtains New digital Asset License in Bermuda
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License from the Bermuda Monetary Authority
According to an official press release, 24 Exchange Broker Ltd. received the 'Class T' Digital Asset Business Act (DABA) license on February 8 to operate as a key dealer in the Bermudan crypto market. The exchange was previously granted a "Class T" Cryptocurrency DABA License from the Bermuda Monetary Authority (BMA) in July 2021, and completed its first spot cryptocurrency bilateral trade last September.
Commenting on the development, Dmitri Galinov, 24 Exchange CEO and Founder, said:
“This BMA license for 24 Exchange Broker Ltd. enables us to bring spot cryptocurrency trading onto our institutional-grade platform, making it more available, accessible and standardized. We are pleased to continue to drive the institutional adoption of crypto products trading at the best available rates and with around-the-clock availability.”
Driving Institutional Adoption
The new offering by the company will help in the acceleration of the adoption of crypto products among institutional clients in the region. At the same time, institutional customers can access an anonymous liquidity cryptocurrency spot pool.
On February 2, the digital asset platform also submitted a final Form 1 application for a license to create a new national exchange to the US Securities and Exchange Commission (SEC). If approved, this new exchange will be the first fully electronic exchange in the United States that allows trading of securities on a 24/7/365 basis.