With the hotness of the cryptocurrency market, more and more people want to make a pot of gold on it. Many messy trading platforms have gradually appeared in the market. However, they do not have a good regulatory agency to control and supervise them.
Recently, Bexplus, an exchange that has been established for three years, has officially obtained the MSB license under the guidance of the U.S. regulator FinCEN (a financial crime enforcement agency under the U.S. Department of the Treasury), which means that Bexplus now provides compliant cryptocurrencies in 50 U.S. states Derivative products.
What is MSB?
The full name of MSB is Money Services Business. It is a financial license supervised and issued by FinCEN. The main subject of regulation is businesses and companies related to currency services, including cryptocurrency transactions, foreign exchange, international remittances, and other businesses.
In March 2018, the U.S. Department of the Treasury and the Securities Regulatory Commission clearly emphasized that cryptocurrency exchanges and their managers engaged in digital asset-related businesses in the United States must register for MSB licenses in FinCEN.
In other words, in order to conduct digital currency-related businesses in the United States, you must have an MSB license.
The MSB license is also a standard license for international cryptocurrency trading institutions. At present, first-line platforms such as Coinbase, Bitfinex, Poloniex, and Huobi all hold this license to operate. Therefore, the global compliance of Bexplus has been further improved.
In the future, Bexplus will continue to carry out compliance work on a global scale, accept global supervision, become the benchmark platform for international operations in the industry, and provide global users with more professional, safe, and compliant cryptocurrency transaction services.
The consequence of using exchange’s lack of license
Bitcoin, which came out in 2009, has skyrocketed by more than 5 million times in just eight years. The continued enthusiasm of Bitcoin has allowed criminals at home and abroad to capture people’s psychology of getting rich quickly and use the concept of virtual currency to concoct various MLM scams.
Some bitcoin trading sites will disappear directly after you put bitcoin into the platform, other trading platforms without a license will even steal the bitcoins in your wallet. After that, their website will no longer exist, and traders have nowhere to protect their rights.
There are too many traps in the market, people will fall into the trap if they are not careful. Therefore, the first step to choose a formal trading platform is to check whether it has an MSB license or not. If it does not have a license, transactions in this platform will be risky since traders would not have government protection.
Legal digital currency futures exchange- Bexplus!
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