Bitcoin has become a fully licensed cryptocurrency exchange in Estonia that introduced strict rules for the industry last year. The European trading platform recently passed an independent audit that confirmed its “transparency, security and financial responsibility”.
Audit Bitbe examines the AML and KYC methods
Bitcoin, a leading crypto trading platform in Europe, is now a fully licensed and regulated exchange under strict Estonian regulations imposed last fall. The company has been audited by an independent third party, which has thoroughly tested its accounting methods, including Money Laundering (AML) and Know Your Customer (KYC) methods.
The inspection verified the current status of the user’s account as well as the financial assets of the platform as well as crypto and fiat funds. Revenue, revenues and profits were also analyzed, and according to an announcement published on the exchange’s website on Wednesday, the audit confirmed that Bitcoin is solvent, safe and financially responsible.
Estonia tightened its licensing system for crypto service providers in the late 2020s and now requires them to meet the same standards as traditional financial institutions under the country’s money laundering and terrorist financing laws. In December, the Baltic Nation’s Financial Intelligence Unit revoked more than a thousand licenses previously granted to virtual currency companies.
Bitcoin cites successful audits as a milestone, not only for exchanges, but also for the crypto industry in general. The company noted that “regulation is fundamental to creating a secure future for digital money and cryptocurrency exchanges.” It stressed that “only by bringing cryptocurrency to light will we be able to make it open to all,” emphasizing the commitment to work with the authorities to “transparently transform deposits, business and tax flows through and from crypto exchanges.” :
For the millions or more users on our platform across Europe, this certificate should provide further comfort that their resources are in good hands.
Bitcoin has released important figures from its financial statements. According to the data provided, the company earned a net revenue of € 8,849,686 between October 2019 and December 2020, resulting in a net profit of Rs 6,491,835 after tax. Its share capital is € 100,000.
Crypto Exchange was launched in Poland in 2014, but in the spring of 2018, citing difficulties in accessing banking services, it decided to leave the country. Bitcoin has announced its decision to move its exchange activities to Malta, another EU member state. The government of “Blockchain Island” is working to create a crypto-friendly business environment. Digital asset trading platform Crypto.com recently became the first licensed exchange in the country to offer bank transfers.
Do you think more cryptocurrency exchanges will be able to meet Estonia’s strict regulatory requirements? Tell us in the comments section below.
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