Crypto Finance Receives FINMA License to Trade Crypto With Banks

Crypto Finance Group announced that its brokerage subsidiary, Crypto Broker AG, has been granted a securities house license by FINMA. 

February 1, 2021 | AtoZ Markets – Crypto Broker AG, a subsidiary of the Swiss holding Crypto Finance AG, received a broker-dealer license from the Swiss Financial Market Supervisory Authority (FINMA). This will open up cryptocurrency trading for major players, including commercial banks.

Crypto Finance To Offer Offer Regulated Services With FINMA License

According to CEO Rupertus Rotenhäuser, the FINMA license will expand the scope of activities and increase the level of compliance with requirements in terms of legal compliance, risk monitoring, and liquidity.

“Some banks have strict regulations to trade only with regulated partners. We now fit that criterion. We have been waiting for this license for four and a half years,” he explained.

Rothenhäuser added that FINMA’s approval would also allow the firm to keep funds in fiat, making payments easier. The head of the company also announced the expansion of the client base in the near future.

The FINMA license obtained by Crypto Broker AG will put the company on a par with the regulated crypto banks SEBA and Signum. The Swiss company plans to join the security token space after the entry into force of the blockchain law.

As a reminder, in April 2020, Crypto Finance AG raised $14.5 million to meet FINMA requirements in obtaining Crypto Broker AG a broker-dealer license.

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