CoinZoom Expands International Footprint with Cryptocurrency Trading License from Bermuda Monetary Authority

License will further exchange's mission of bringing crypto to the masses by providing a secure, compliant platform to offer additional services such as Margin Trading

SALT LAKE CITY, Aug. 23, 2022 /PRNewswire-PRWeb/ -- CoinZoom, a U.S. based cryptocurrency exchange and leading fintech company today announced its Bermuda based subsidiary CoinZoom Global, Ltd. has been granted a license under the Digital Asset Business Act (DABA) from the Bermuda Monetary Authority (BMA), allowing the exchange to serve as a trading platform for Non – U.S. customers outside of the U.S. seeking an avenue to trade digital assets.

The exchange has been granted a Modified "M" license, which is designed to allow a financial firm to test its proof of concept and ensure its compliance program is effective to scale long term. This license is typically held for twelve months before converting to a Full "F" license.

"We are delighted with this news and appreciate the Bermuda Monetary Authority working with us to grant the M license," said CoinZoom CEO, Todd Crosland. "We believe that running our business with an abundance of caution is paramount to protecting our customers. The implementation of a clear and well-developed set of rules for crypto firms to adhere to is vital to bringing crypto to the mainstream."

The BMA provides transparent regulatory frameworks and requirements for crypto financial services in an effort to curb international criminal activity and ensure consumers are protected.

"It was a pleasure to work with the dynamic and innovative CoinZoom team on their DABA license," said, Jerome Wilson, Partner and Head of Appleby's Technology & Innovation practice in Bermuda. "We look forward to working with them on many of their future plans. CoinZoom's attraction to Bermuda further highlights the Island's strength as a leading jurisdiction in the Digital Asset Business industry."

The CoinZoom team has extensive global exchange and trading experience which was drawn on to build a reliable, safe and innovative digital currency exchange, offering services in buying, selling, earning, sending and spending cryptocurrencies.

"Our top priority is to ensure the safety of our customers' funds and personal information. We're providing a trusted avenue for both our U.S. and International customers to invest in digital assets, and the Bermuda license allows us to expand our customer reach while remaining fully compliant," added Crosland. "Being able to work with forward-thinking regulators like BMA is a very positive sign for the future of cryptocurrencies worldwide."

Since obtaining the DAB M license, CoinZoom Global, Ltd. is now able to operate in Bermuda as a digital asset exchange, providing custodial wallet services and margin trading for digital assets. These offerings make it easier for consumers to integrate crypto into their everyday lives.

About CoinZoom
CoinZoom, with customers in 200 countries, is the next generation digital asset exchange that uses the team's vast experience in providing superb trade quality, customer-focused tools, and technology that help customers become successful traders. CoinZoom offers services in buying, selling, sending and spending Bitcoin, Ethereum, and over 40 top digital currencies. CoinZoom's premier product is its CoinZoom Visa card, which allows customers the ability to instantly convert crypto to fiat and spend it at over 53M merchants globally. CoinZoom also offers global customers a premier Peer-to-Peer payments system called ZoomMe. CoinZoom customers can send fiat and crypto anywhere in the world, instantly for free. The team's decades of experience in financial technology security are equally important in safeguarding customer funds and customers' digital currency positions. CoinZoom is a U.S. registered Money Services Business with FinCen and is registered or exempt as a Money Transmitter in 48 states, Washington DC and Puerto Rico. CoinZoom also has subsidiaries in Australia and Ireland. CoinZoom Australia PTY LTD is registered as a Digital Currency Exchange with AUSTRAC and CoinZoom Europe Limited, is registered in Ireland and has filed for a VASP License with the Central Bank of Ireland.

Media Contact

Adrianne Blackett, CoinZoom, 1 (385) 355-6540, cz.marketing@coinzoom.com

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SOURCE CoinZoom

Posted In: Banking/Financial ServicesPress Releases