Earlier in the month we wrote about Ibinex, a new bitcoin ECN being developed by Gallant Partners. Having a January 1st, 2015 launch date, Ibinex is specifically targeting Forex brokers, aiming to offer them direct bitcoin to MetaTrader 4 Liquidity with a tailor-made bridge for the platform’s server.
While continuing to work on the technology and liquidity side of the operations, Ibinex announced to Forex Magnates today that they are partnering with the Financial Commission to become a founding member of its new Crypto unit. A new unit from the non-government backed Financial Commission regulatory organization, the Crypto Division, was launched last month to provide both arbitration and operational requirements for cryptocurrency companies. While the Financial Commission’s focus in governing is to offer broker customers an avenue for arbitration and hearing trading related cases. Due to the unique aspects of bitcoins and other digital currency related businesses, the Crypto unit is adding accounting and capital requirement monitoring to its supervisory role.
For Ibinex, becoming a member of the Financial Commission provides potential broker customers using the ECN to source liquidity for their bitcoin trading products a regulatory fallback, which could become an important aspect for regulated brokers. In addition to the Financial Commission, on its launch, Ibinex plans on holding an FSA license from St.Vincent and the Grenadines.
