Russian Crypto Exchange Gets Approval From Estonian Financial Watchdog

Russian cryptocurrency exchange B2BX has received regulatory approval from the Estonian Financial Intelligence Unit (FIU) to operate in the country, according to a press release published Nov. 12.

Founded in 2014, B2BX is a part of the B2Broker group of companies and a full-featured spot trading platform, offering 34 cryptocurrency markets. In late 2017, the exchange conducted an Initial Coin Offering (ICO), with the objective of making an official business-to-business crypto exchange aggregator to connect institutional clients, forex/DMA and stockbrokers with digital currency exchanges.

The recently obtained FIU license will allow B2BX to operate as a completely regulated exchange for trading digital currencies, as well as provide an extended level of crypto-to-crypto and “soon” crypto-to-fiat services. According to the release, B2BX is one of the first crypto exchanges to receive such recognition in Europe.

The announcement also says that with the new license, the exchange’s customers will get increased automatic deposit and withdrawal daily limits, in addition to exchange and withdrawal facilities in fiat currencies through bank transfer and all major payment service providers. Arthur Azizov, CEO and founder of B2Broker group said:

“We are delighted to have secured regulatory approval from Estonia, placing B2BX Exchange in the enviable position of being one of the first exchanges to achieve this accolade. I have long been a proponent of regulation which I believe will promote further the adoption of cryptocurrency usage and cryptocurrency trading.”

B2BX purportedly plans to attain further licences in other countries and submit applications with “several established regulators.”

Estonia is known for its friendly approach to blockchain and cryptocurrencies, putting a strong priority on developing and supporting the technologies. In 2014, as part of the country’s digitization project, the government introduced an e-residency program, which allows non-Estonians to access certain government services with a smart card, which they can use to sign documents.

The country subsequently implemented an online voting system during national elections and involved a number of public service projects that are backed by blockchain, including health services. Last November, the ministries for Estonia, Latvia and Lithuania announced their cooperation on several actions aimed at expanding and developing their economies deploying blockchain technology.