Cryptocurrency Exchange Coinfloor Becomes First Company To Be Licensed By Gibraltar

Consortium Coinfloor cryptocurrency exchange, which occurs to be the oldest exchange company in the United Kingdom has gone on to become the first exchange to be licensed by Gibraltar. The legislation is known to be very liberal. The rules under this legislation are being observed as a first for Europe. Additionally, they are being seen as a promise by British Overseas Territory to continue discovering new, and emerging technological innovations.

The legislation is chiefly focused on the delivery of quality services as opposed to quantity, which means that Coinfloor has so far been able to show its worth. The only reason why Coinfloor was delivered with the licenses was that it had proved itself well-intentioned. This exchange will now start to be controlled like a DLT (distributed ledger technology) provider. With the overview of these rules, the territory is hoping that it will be able to achieve the similar level of success in this sector as it did with the gambling industry.

According to Obi Nwosu, who is Coinfloor’s CEO, before being given the license by the British Overseas Territory, they underwent a series of tests, all of which were based on nine main principles. Coinfloor cryptocurrency exchange has handled as much as $1 billion in BTC transactions over the last 12 months

As per him the primary aim of these tests was to guarantee that the company is licensed under this legislation had put in place sufficient know your customer (KYC) and AML (anti-money laundering) measures. As per News BTC, the exchanges were also obligatory to prove that their safety was strong enough to endure all kinds of cybersecurity threats. The news also came out as at a time of increasing problems for few of the prominent cryptocurrency exchanges, ensuring the bear market conditions that have prevailed through much of 2018 so far.

As per CoinGeek, recently similar rumors had emerged from Kraken cryptocurrency exchange, suggesting they too were laying off staff, with their offices in Halifax, Canada, earmarked for closure. But the company denied the case.

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