Approval for Brisbane’s ‘Byte Power X’ crypto exchange

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Despite being suspended from trading on the ASX since December 2017 and a pending ASIC investigation, Byte Power Group (ASX:BPG) is pushing ahead in its pursuit of ‘Building the first ASX listed crypto currency exchange’.

The company has received AUSTRAC registration approval for its Brisbane-based exchange. AUSTRAC is the Australian Government authority which monitors cryptocurrency exchanges.

Its understood the exchange will be known as the ‘Byte Power X Cryptocurrency Exchange’.

The approval is a major milestone in what has been an turbulent development process for Byte Power Group.

An agreement with Singapore-based SoarLabs Pte Ltd to establish and run the cryptocurrency exchange turned sour when SoarLabs allegedly stole more than $6.5m worth of cryptocurrency.

A legal stoush ensued before a settlement was reached between the parties in May.

BPG was quick to find a new exchange developer, entering into a development and services agreement with Malaysian-based Noetic Synergy.

Now, according to BPG, development of the Byte Power X trading platform, features and functions is complete, with system testing in the final stages.

Token Generation Event

Byte Power group now intends to undertake a token generation event for Byte Power X Loyalty Token (BPX Tokens).

The BPX token will provide a discount on commissions for users of Byte Power Group’s future exchange.

Initial plans outlined by the company show a total of 1 billion tokens will be created with an issue price of US$0.06.

Byte Power X won’t be short of competition. Click here to read Micky’s recent article about another Australian exchange that’s just raised more than AU$21m from investors across the globe!