🕴️ Why Regulation Matters? 🕴️
Several high profile crypto exchanges have found themselves in a bit of a regulatory quandary recently. One of those would be Binance who got served a consumer warning notice from the FCA this year. That resulted in deposit and withdrawal problems for UK users, with the issues spreading to EU users as payment processors started to get worried. All that was a bit of a nuisance for exchange users. The sort of annoyance that could have been avoided by using a fully regulated crypto exchange. 🇺🇸 Gemini 🇺🇸 These chaps have been running since 2015 and have made regulatory compliance one of their main selling points. Indeed, they even took out New York subway ads with the tag-line “Finally, a regulated place to buy, sell and store crypto”. But who are Gemini regulated by? Well, that would be the New York State Department of Financial Services. Around 45 cryptos are available at Gemini and they have a snazzy mobile app too. 🇺🇸 FTX US 🇺🇸 Unsurprisingly, FTX US is the US subsidiary of the increasingly popular FTX exchange. This exchange is based in Berkeley California and is registered as a Money Services Business with FinCEN. On top of that, they have some of the best anti-money laundering controls out there, through the help of Chainalysis. FTX US has recently been making waves in the US market after closing a 5 year sponsorship deal with Major League Baseball, a big NBA deal and having Tom Brady as a part-owner of the exchange. The exchange also offers additional features like an NFT marketplace and a virtual crypto card. 🇪🇺 Swissborg 🇪🇺 Honestly, the Swissborg app is the easiest way I’ve been able to find to get in and out of crypto. The exchange holds a Virtual Currency Service License granted by the Estonian regulator. That regulation means that Swissborg has to comply with strict reporting and KYC rules Swissborg offers access to around 20 cryptos and allows you to earn up to 8.83% interest on them via their earn program – a decent way to make some passive crypto income.
🌎 Kraken 🌎
Kraken is a favourite exchange amongst many crypto veterans. Also, they are regulated by FinCEN in the US and FINTRAC in Canada. These chaps are also regulated by the UK FCA and Kraken holds licenses in Australia and even Japan too.
🌎 Coinbase 🌎
Coinbase has a truly impressive collection of regulatory licenses. This includes dozens of money transmitter licenses for US States. They are also registered as a Money Services Business with good old FinCEN in the US. According to Coinbase, they comply with all applicable laws and regulations in each jurisdiction they operate in.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.