Coinpass goes live with new crypto trading platform in the UK
The trading platform plans to offer more than 100 tradable crypto markets to its client base.
Coinpass, a new UK-based cryptocurrency exchange listed on the FCA temporary crypto-asset business register, has gone live today with its new crypto trading platform.
Coinpass Trade supports the trading of British Pound (GBP), European Euro (EUR), Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), Bitcoin Cash (BCH), Polkadot (DOT), Chainlink (LINK) and Stellar (XLM).
The platform will soon add crypto-crypto markets for BTC and ETH, more alt-tokens vs fiat currencies markets, as well as more alt-tokens vs cryptocurrencies markets. The goal is to offer over 100 tradable crypto markets to its client base.
Top-tier security, deep liquidity, a large choice of tradable tokens, and excellent service and support, are the firm’s main selling points, along with fast client onboarding for both individuals and corporate entities.
The crypto operator was founded in 2018 and was voted Best Cryptocurrency Exchange Platform 2020 at CityAM’s CryptoAM Awards.
Jeff Hancock, co-founder and CEO, said: “Our goal was to design a crypto trading experience for our users that was easy to use, beautiful to interact with and provided access to the most important data when investing in crypto.
“Typically, exchanges leave you looking at charts and order books instead of the important data to monitor and grow your crypto portfolio. Our new innovative trading platform will enable our users to actively monitor their trading positions, crypto market trends and overall portfolio performance, which are essential to investors to continue to grow their portfolio.”
Crypto exchange such as Coinpass are able to bypass the FCA ban on crypto CFDs since as long as the operator and its trading platform don’t offer derivatives trading for crypto products.
The FCA does not have consumer protection powers for the cryptoasset activities of firms, even if a firm is registered with the FCA.
It is unlikely that consumers will have access to The Financial Ombudsman or Financial Services Compensation Scheme, irrespective of whether a firm has temporary or full registration.
The FCA has recently extended the Temporary Registrations Regime (TRR) for existing cryptoasset businesses from 9 July 2021 to 31 March 2022.
This allows existing cryptoasset firms, which applied for registration before 16 December 2020, and whose applications are still being assessed, to continue trading.
The extension addresses the fact that a significantly high number of businesses are not meeting the required standards under the Money Laundering Regulations resulting in an unprecedented number of businesses withdrawing their applications.
The extended date allows cryptoasset firms to continue to carry on business whilst the FCA continues with the robust assessment being undertaken.
A recent survey conducted by the FCA found that crypto holders in the UK have risen to 2.3 million, which is nearly 3.5% of the total population.