Australia’s Financial Regulator Grants License to Bitcoin Exchange Coinzoom

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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.

Complying With KYC/AML Requirements
“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.

Cryptocurrency Hub
Australia aims to become a cryptocurrency leader. In September,
Travelbybit, a Brisbane-based startup, revealed 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.

In June, 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
denominated in crypto. And a recent survey by Hiveex and Ivypay
indicated that about 2.58 million Australians now own
cryptocurrencies of some form, with more than 2,500 bills paid in
virtual currencies in the country every month.

“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,” said Crosland.

Source : https://news.bitcoin.com