BIT Crypto Exchange, launched in August 2020 as an affiliate of Matrixport, announced its successful registration as a Virtual Asset Service Provider (VASP) in Lithuania, Europe. Lithuania, renowned for its crypto-friendliness since 2020, boasts a progressive legal framework that supports cryptocurrency companies.
BIT announced in its blog that it will offer a comprehensive range of crypto-related services to customers within the European Union/European Economic Area. BIT Crypto Exchange was launched in August 2020 as an affiliate of Matrixport, a leading professional crypto financial services platform. Exchanges like Binance have been failing to gain registration in Europe lately.
As an authorized VASP, BIT now has the regulatory clearance to provide cryptocurrency exchange and cryptocurrency depositary wallet services. Users can leverage the BIT platform to engage in seamless buying, selling, and trading of various cryptocurrencies while facilitating transactions between digital assets and fiat currencies or other cryptocurrencies.
“Regulations play a pivotal role in shaping the cryptocurrency market, and it is imperative for exchanges to respond appropriately.”
– Lan, Co-founder and COO of BIT.
With the registration complete, BIT will focus on building the necessary operational foundations for its Lithuanian entity. Exchanges need to align with Lithuania’s AML requirements, ensuring compliance when onboarding customers and delivering services under the Lithuanian VASP license.
Times when Binance like crypto exchanges are facing regulatory complications in European Union and exiting from the Netherlands and Cyprus, it is big for BIT to avail license. Binance took a exit after failing to gain a VASP license from the Dutch regulator, as CoinGape reported.
CoinGape reported that Unlike Estonia, Lithuania has opted for a more simplified way of regulating VASP, despite also recent changes in the law, so the attractiveness of this jurisdiction is higher. The advantages in Lithuania also include no own funds monitoring requirement and solution without the actual contribution of 125 000 EUR as share capital. Read More about EU Regulation For VASP’s…
Also Read: Binance Suspends Crypto Deposits & Withdrawals Of More Multichain-Bridged Tokens
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