Bityard Obtains Australian Financial Services License, Cements Global Legal Compliance.

By Achal Arya
Published May 13, 2020 Updated May 13, 2020
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Bityard Obtains Australian Financial Services License, Cements Global Legal Compliance.

By Achal Arya
Published May 13, 2020 Updated May 13, 2020

As of March 31st, 2020, Bityard has obtained a financial services license issued by AUSTRAC (Australian Transaction Reports and Analysis Centre). This is a step that is necessary to provide worldwide digital asset services to Bityard customers in a safe and compliant manner. Bityard is, now, without question, a leading digital assets futures contract exchange. The license granted by AUSTRAC grants authority to Bityard to conduct financial services such as digital currency exchange services, digital currency transactions, digital currency wallets, and remittance services.

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Australia is an important region for digital asset trade, custody, and transactions. As of November 2019, independent reserve has reported that up to 50% of Australians under the age of 40 may own cryptocurrency or digital assets in the next 5 years, and that as many as 17% of Australians presently own digital currencies

AUSTRAC is the apex authority for financial regulation in Australia, charged with preventing money laundering and counter-terrorism financing in Australia. With licensing and approval from AUSTRAC, Bityard bolsters its obligations to compliance with regulatory bodies in the Asia-Pacific region as well as the rest of the globe. With Nicole Rose acting as head agent of AUSTRAC, Bityard has full faith in cooperation with the relevant financial authorities to maintain legal compliance while providing customers with the simple services that they expect. The license granted by AUSTRAC awards Bityard the legal empowerment to operate as a digital currency provider as well as a remittance service provider.

In addition to the financial services license granted by AUSTRAC, Bityard also possesses licenses from FinCEN (Financial Crimes Enforcement Network) in America obtained on November 14th, 2019, The ACRA (Accounting and Corporate Authority) of Singapore, obtained November 11th 2019, and The MTR (Majandustegevuse Register) of Estonia, granted February 17th, 2020. With these financial regulatory licenses granted, Bityard is creating a global regulation-abiding presence aimed at protecting its userbase. All large exchanges are financially regulated through proper financial authorities, and this shows that bityard doesn’t plan on being small potatoes forever.

With regards to regulation, Director of Operations Rafael Zhou has the following statement to give: “As always, compliance, safety, and efficiency are the core values of Bityard’s exchange operations. It is of strategic importance to conduct business under the global compliance framework. Bityard was able to obtain a license from the American MSB quickly, as well as the MTR license in Estonia, and Australian AUSTRAC license. These are qualifications that many first-tier exchanges possess. Although it is beyond the expectations of most people, this shows that the team has always set operating standards to be top-notch. For users, licensed operation is also a natural screening barrier for the now saturated market of cryptocurrency exchanges. Users can have the option to choose a licensed exchange to trade with peace of mind, and the exchange can guarantee the interests of all users are met. Bityard believes that compliance brings branding, and branding is conducive to the business landscape and ecological progress. As a company’s broader development strategy, global compliance is an element that bityard will continue to strive for.”

Bityard is available presently in three different languages – English, Chinese, and Vietnamese. The Bityard team is also hard at work adding support for more languages to the website as quickly as possible, with plans to add Spanish, Portuguese, Russian, Korean, German, French and more.

Bityard was established in Singapore in November 14th, 2019 with the aim of simplifying cryptocurrency derivatives trading. Although trading futures contracts can be complicated, Bityard makes it simple for all users. The founders of Bityard wanted to simplify the complex to the masses.

Users can register an account on Bityard now for an opportunity to earn 258 USDT in rewards on the platform. It takes less than 30 seconds to set up an account and begin trading.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Achal Arya
510 Articles
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.

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