Australia’s financial regulator, the Australian Transaction Reports and Analysis Centre (AUSTRAC), has granted the Australian subsidiary of U.S.-based digital currency trading platform CoinZoom a license to operate as a registered digital currency exchange.
According to a press release published December 3, the newly secured license authorizes CoinZoom Australia to operate as a registered crypto exchange under the jurisdiction of the country’s prevailing laws, allowing the platform to facilitate crypto trading.
With the new registration, CoinZoom Australia can now accept and exchange fiat currencies and cryptocurrencies both domestically and internationally. Initially, CoinZoom was registered with FinCEN as a Money Services Business, providing trading services across all 50 states in America and is currently in the process of securing a number of Money Transmitter Licenses in states where such registration is mandated.
Among the jurisdictions in which the firm has so far acquired a license to operate as a money transmitter includes Ohio, Florida, Arizona, Washington, Iowa, Georgia, Maryland, Kansan, and Oregon, As it stands, the exchange is now available in over 35 states, with plans of expanding its trading services to more regions in the coming weeks.
As CoinZoom CEO Todd Crosland stated in the release:
“CoinZoom’s vision is to provide global cryptocurrency traders with innovative trading technology, and world-class digital asset security, all while following the U.S. and global regulatory requirements. Being fully registered with Australia’s regulatory financial oversight body AUSTRAC to operate as a Digital Currency Exchange, is an important step in our goal to provide globally compliant digital currency trading for both institutional and retail traders.“
In addition to offering crypto trading services, CoinZoom also provides a streamlined platform through which users can conveniently link their credit cards, crypto wallets, as well as their bank accounts. Furthermore, the platform provides intuitive trading options for IOS, Android, and desktop users, and comes with a fully compliant AML/KYC procedures to meet the regulatory requirements implemented both in the U.S. and Australia.
The trading platform also features a pattern recognition system that allows traders to conduct a more secure crypto trading transaction, on top of providing social trading capabilities and CoinZoom Rewards debit card.
CoinZoom’s digital currency trading platform is expected to be officially launched in Australia during the first quarter of 2019 and will support a number of the crypto market’s leading digital assets, including Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ripple, Litecoin, as well as other top altcoins.