Coinzoom Australia said Dec. 3 that it has been officially registered as a digital currency exchange with financial watchdog 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 assets, including the buying and selling of BTC, BCH and XRP.
“Being fully registered … is an important step in our goal to provide globally compliant digital currency trading for both institutional and retail traders,” Todd Crosland, chief executive officer of Coinzoom, said in an online statement.
Austrac, as the Australian Transaction Reports and Analysis Centre is commonly known, is a state-run financial intelligence agency that monitors financial transactions for evidence of money laundering, organized crime, tax evasion, fraud and terrorism. At press time, the regulator had not responded to a request for comment.
When Coinzoom Australia launches in the first quarter of 2019, traders will be expected to “fully” comply with the know-your-customer and anti-money laundering 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 Coinzoom “also offers customers a pattern recognition system, rewards debit card, and social trading capabilities.”
Coinzoom Inc. describes 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 is registered as a money services business in all 50 U.S. states. It says it is also in the process of acquiring remittances licenses in states where they are required and has already secured them in states such as Florida, Iowa and Maryland. The remittances licenses allow Coinzoom to transfer funds or offer crypto-based payment services.