Financial Commission Certifies First Cryptocurrency ECN, IBinex

Independent third party regulator The Financial Commission has announced the certification of IBinex’s platform for cryptocurrency trading, following an earlier bid this past September.

The Financial Commission helps provide a neutral outlet for broker and trader mediation, dealing with a variety of asset classes including forex, binary options and, now, 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. Earlier this week, the Commission’s Dispute Resolution Committee (DRC) named Zack Ioannou as its newest head.

In September, IBinex had announced to Forex Magnates their intention to partner with the Financial Commission and become a founding member of its new crypto unit. The recent announcement follows after an extensive review of the IBinex Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term, based on a variety of parameters and requirements from The Financial Commission’s guidelines.

As a result of the successful review and consequent certification, this IBinex’s platform will now be available to member firms of the commission. The underlying purpose of this certification will also help set a floor for the set of criteria and expectations for future member firms in the commission.

According to Financial Commission Chairman Peter Tatarnikov in an exclusive statement to Forex Magnates on the certification, "we are delighted to announce the successful certification of Ibinex after it had passed our thorough review as an approved platform for cryptocurrency trading. We take the platform certification process very seriously as many aspects of best execution and transparency are not always so clear even for regulated firms - and we aim to add an extra layer of review to help serve best practices."