CEX.io Officially Enters US Market with MSB Licensing

UK-based crypto exchange CEX.io says it has now officially entered the US market. It reports having obtained licensing as a Money Services Business (MSB) with the Financial Crimes Enforcement Network (FinCEN), now allowing US customers to make fiat deposits and withdrawals.

The exchange, operated by the same entity as the Ghash.io mining pool, provides for the trading of several Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term. USD and EUR are the supported fiat currencies.

The service is restricted to states which CEX.io believes are "in [the] process of developing Bitcoin Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term policies", or where additional money services licnesing is not necessary. Excluded, therefore are 28 states and territories. New York and California, larger markets whose regulators are looking into Bitcoin, are supported. New Jersey, which also got the ball rolling on regulation, is excluded. Interestingly, seemingly Bitcoin-friendly states like New Hampshire and Texas are also excluded, as was North Carolina, which had made indications of taking a slightly different path to regulation than New York.

The exchange says it looking into getting licensing in all states.

The move is well-timed with the expected rollout of New York's BitLicense regulations, which may happen this month. Other US-based exchanges have been actively reviewing their preparedness, although the industry in general remains concerned about how it will be impacted by the proposed regulations.

CEX.io also offers a brokerage service, allowing users to purchase bitcoins via credit card.