Coinzoom Australia said that it has been officially registered as a digital currency exchange with financial authority Austrac. The registration allows the exchange to operate legally according to Australian law.
It will also function as a fiat-to-crypto exchange, with support for a variety of digital coins, including the buying and selling of BCH, BTC and XRP.
Todd Crosland, CEO of Coinzoom, said in an online statement:
“Being fully registered … is an important step in our goal to provide globally compliant digital currency trading for both institutional and retail traders,”
Austrac, the Australian Transaction Reports and Analysis Centre, is a state-run financial intelligence agency that monitors financial transactions for evidence of money laundering, organized crime, tax evasion, fraud and terrorism.
When Coinzoom Australia launches, traders will be expected to “fully” comply with the know-your-customer and anti-money laundering(KYC and AML) requirements of both the Australian and U.S. financial regulators, said Crosland.
The unit of U.S.-based Coinzoom Inc. claims that the platform, which caters to local and international investors, “will provide a simple and easy one-stop user experience to link their credit card, bank account and cryptocurrency wallets.”
It adds that it “also offers customers a pattern recognition system, rewards debit card and social trading capabilities.”
“Coinzoom’s vision is to provide global cryptocurrency traders with innovative trading technology, and world-class digital asset security, all while following the U.S. and global regulatory requirements,” mentioned Crosland.
Coinzoom Inc. self-promotes itself as “an institutional grade digital currency-trading platform” that supports the trade of virtual currencies such as bitcoin, bitcoin cash, ripple and ether. The company claims it has registered as a money services business in all 50 U.S. states.
Australia aims to become a cryptocurrency giant. Recently, Travelbybit, a Brisbane based startup, cited that it had received state funding to enable it to transform the city into a cryptocurrency hub.
The company says it will use the funds to develop technologies that allow visitors to Brisbane to pay for their travel expenses in virtual currencies such as bitcoin or bitcoin cash.
Agnes Water, a coastal town in the Australian state of Queensland, claimed it had become the country’s “first digital currency town,” where transactions and payments are leveraged in crypto.
As an intelligent reader, you must be aware how cryptocurrency is taking over like a storm. As discussed in this news, we can never underestimate its power and it is bound to firmly grasp us.