IronFX Group's Crypto Exchange Obtains License From Estonia - The Industry Spread

Ricardo Esteves

Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.

IronFX

IronFX Group’s Crypto Exchange Obtains License From Estonia

September 22, 2018
Markos A. Kashiouris, founder and chairman of IronFX Group
Markos A. Kashiouris, founder and chairman of IronFX Group

IronFX, a leading retail FX and CFD broker licensed by the Financial Conduct Authority, has obtained full regulatory license approval for its own cryptocurrency exchange IronX, developed in partnership with EmurgoHK, creator of the Cardano Blockchain.

The Estonian Financial Intelligence Unit (FIU) awarded the cryptocurrency exchange with a license that allows IronX to operate as provider of a virtual currency against a fiat currency exchange service and a provider of a virtual currency wallet service.

IronX is one of the first in Europe to seek and receive this level of approval, which helps to set the industry standard. The company was granted the licenses a month earlier than expected and plans to announce the full launch by the end of September with a priority opening for VIP IRX token holders to its beta version and official launch to the public planned for December 2018.

Estonia, which is a full EU member-state and on the forefront of introducing fit-for-purpose cryptocurrency regulation, is recognized for its high level of governance with its pro-innovation approach towards the advancement of DLTs and cryptocurrency regulation.
The country has already used distributed ledger technology in its own health, judicial, legislative, insurance, security, and commercial code registries since early 2012.
Markos A. Kashiouris, founder and chairman of IronFX Group, commented:
“We have brought all our years of experience in regulated online derivative and commodity trading to create this new seamless trading platform for our customers. Being awarded regulatory approval, which was one of our key milestones in our Whitepaper, means we now stand apart from many of our competitors in the sector, allowing investors, both private and institutional, to trade cryptocurrencies, within in same protected environment as they would trade forex, commodities, equities and other long-established tradable assets.”

In August 2017, IronFX raised $100 million investment from a Middle East family office through a fund based in Singapore. The company planned to use the funds to expand its markets of coverage and launch additional brands, as well as to acquire existing brands and books of business.

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