CoinEx secures VASP license in Poland after legal issues in US and Canada

Rick Steves

CoinEx secured regulatory approval in Poland after being forced to shut down and paying hefty fines in New York and Québec.

CoinEx has announced it has secured a Virtual Assets Service Provider (VASP) license in Poland as part of its European expansion strategy ahead of the implementation of EU’s MiCA regulation later this year.

The digital asset firm is focused on ensuring regulatory approval in Europe after being forced to shut down its operation in New York in June 2023 and paying a hefty fine of $1.7 million.

CoinEx forced to shut down in New York and Québec

At the time, NY Attorney General Letitia James accused CoinEx of failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange.

CoinEx hasn’t changed its ways, it seems. In its official announcement, the company says it is “cementing its reputation as a trustworthy and law-abiding exchange”, although regulatory authorities have already ruled it is not an exchange. Instead, it is a brokerage firm.

In December 2023, CoinEx was also fined $2 million in Canada. Autorité des marchés financiers (AMF) from Québec, Canada, penalized operators of the crypto asset trading platform coinex.com for non-compliance with Québec’s securities and derivatives legislation. CoinEx entities and related parties operated as securities and derivatives dealers without AMF registration. They distributed securities and marketed derivatives without AMF-approved prospectuses or exemptions.

The Financial Markets Administrative Tribunal sanctioned CoinEx Global Limited and related entities, imposing a $2 million penalty. The Tribunal also fined Haipo Yang, CEO of CoinEx, $300,000 for similar violations. The Tribunal ordered the permanent blocking of access to coinex.com, effective two months post-decision.

CoinEX gains access to EU market ahead of MiCA

With a VASP license from Poland, CoinEx is also securing access to other member states through the EU passport. The regulatory approval also comes in good timing ahead of the EU’s upcoming MiCA regulation, which provides further clarity for digital asset businesses.

Haipo Yang, CEO of CoinEx, said: “Obtaining the VASP registration in Poland is a testament to our unwavering dedication to providing a secure and regulated trading environment for our users. We are thrilled to expand our operations in Europe. This achievement reinforces our commitment to driving the global adoption of cryptocurrencies and fostering the growth of the digital asset ecosystem.”

Established in 2017, CoinEx claims to be a global cryptocurrency exchange, although it isn’t recognized as such by New York authorities. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services.

Read this next

blockdag

Unlocking Investment Potential: Introducing MoonBag Presale, the Cryptocurrency Set to Surpass ApeCoin and Bitbot

Discover MoonBag Presale, the cryptocurrency set to surpass ApeCoin and Bitbot. Unlock your investment potential now!

Fintech

Playtech sees promising growth despite dispute with Caliplay

Gambling technology group Playtech plc (LSE: PTEC) reported solid financial results for the four months to April 30 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue.

Chainwire

Multipool Launches LBP on Fjord Foundry Raising $200k in 24 Hours

Multipool, a leading innovator in the blockchain and cryptocurrency industry, launched their Fjord Foundry LBP on May 21st, raising $200k in the first 24 hours.

Chainwire

$BEER, a New Solana-Based Memecoin completes Pre-Sale of 30,000 SOL this week

The Liquid Gold, $BEER, has become the most discussed topic on Solana over the past two weeks. $BEER has skyrocketed into Twitter trends across Europe & Asia, captivating beer lovers worldwide.

Digital Assets

Hong Kong regulator orders Worldcoin to cease operations over privacy concerns

Hong Kong’s privacy regulator has ordered Worldcoin Foundation to cease all operations of its cryptocurrency project in the city, citing risks to privacy and personal data.

Inside View

MT4 vs MT5: Which Should You Choose for Crypto Trading?

MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are two sophisticated trading platforms developed by MetaQuotes Software. Although MT4 is the more widely adopted choice, traders must determine which platform is better suited for them and understand the reasons behind this choice. Here’s everything you need to know.

Digital Assets

Intentable.io Launches Intent-Centric Architecture and Marketplace

Discover how Intentable.io, formerly Kiroboflow, is revolutionizing blockchain interactions with its Intent-Centric Architecture and new marketplace for intent-based strategies.

Digital Assets

Crypto ETFs, retail trading spike as Bitcoin nears record highs

BlackRock’s spot bitcoin exchange-traded fund (ETF), which trades under the ticker IBIT on Nasdaq, saw a record amount of cash injection after a quiet few weeks of net outflows. The healthy metrics came as bitcoin briefly traded above the $71,000 level for the first time in a month.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: FOMC Minutes, UK Inflation Data, USD, May 22 ,2024

FOMC minutes reveal Fed’s stance on inflation and rates. Hawkish hints could raise USD as investors seek higher returns. Dovish tones might weaken the dollar.

<