NEW YORK, NY / ACCESSWIRE / January 3, 2020 / According to the official announcement, MXC Exchange, the subsidiary brand of the MXC Pro Foundation, was granted the MSB license of the U.S. on January 2, 2020 (Singapore time). “Under the guidance of Fin CEN (Financial Crimes Enforcement Network, Department of the Treasury), MXC Exchange was granted the MSB license of the U.S. on January 2, 2020. That means it is legally allowed to carry out spot trading and other businesses in the United States.”
MSB, abbreviated from Money Services Business, is governed by FinCEN. The entities with businesses involving money transmit or convert must apply for the license. The “Management Party” and the “Convert Party” (like Exchanges) who want to provide digital-asset services to citizens of America must acquire an MSB license under the rule of the Bank Secrecy Act (BSA) in the first place. The related parties are required to complete a registration on FinCEN within 180 days before starting businesses.
The U.S. Treasury and the SEC (Securities and Exchange Commission) has been clearly stated that all digital-asset transactions are under the rule of the Bank Secrecy Act (BSA). Businesses involving digital-asset trading must obtain an MSB license from FinCEN, and comply with Anti-Money Laundering (AML) and related anti-terrorism funding rules and regulations.
As a burgeoning entity in a digital asset transaction, MXC Exchange has made remarkable progress on the track of regulation compliance. In addition to the MSB license of the U.S., it had successfully obtained the MTR license from the financial watchdog of Estonia, allowing it to carry out cryptocurrency & fiat-currency convert service and digital-asset wallet service.
“MXC Exchange always puts users in the first place and work hard to be a law-compliance entity to different countries and regions around the world. This is the cornerstone of long-term development and it is based on the deep understanding of the industry” said Henry Wu, spokesman of MXC Pro Foundation. He said, “In China, MXC Exchange will put it focus on blockchain technology development and blockchain services, exploring the ‘Blockchain +’ applications”.
Since its establishment in Singapore in April 2018, MXC Exchange has been seeking to expand its global presence, and it has achieved great success. As of October 2019, the number of registered users on MXC Exchange broke the 3M mark. MXC Pro Foundation is now by no means just an exchange providing transaction services, it has engaged in multiple businesses which constitute an ecosystem. It is one reason for its burgeoning development; another reason is that it has a blockchain technological team who is dedicated to making technological breakthroughs. With the persistent adherence to technology and long-term investment, MXC adds to the industry vitality and agility.
According to information provided by an insider of MXC Exchange, MXC Pro Foundation will continue to expand its engagement in global businesses, acquire legal licenses in more countries and regions and invest more in blockchain technology development in the future.
SOURCE: MXC Pro Foundation
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