Dutch fintech BUX secures CySEC CIF license

abdelaziz Fathi

Amsterdam-based retail brokerage firm, BUX, has received approval from CySEC to operate as a Cyprus investment firm.

The Cypriot brand, dubbed BUX Europe Limited (previously Hua Ren (Cyprus) Financial Limited) is intended to provide a regulatory stamp for the company’s business that is mainly focused on CFDs and cryptocurrencies .

The Cypriot licensing requires the firm to adhere to strict financial standards under the MiFID II framework, including the segregation and protection of client funds, full transparency of its business operations and capital adequacy controls.

Operating under the Cysec umbrella allows BUX to leverage its new regulatory profile to expand its services into the European Markets. Further, the group’s operational capability has been substantially enhanced with the Cypriot approval as the company is now authorised to provide investment and professional trading services, including transferable securities, derivatives, and foreign exchange.

Salim Sebbata, CEO of BUX CFD, said: “BUX is looking forward to bringing onboard someone with Jean-Raphael’s track record of driving growth, business development opportunities and heading operational management. BUX’s CFD business is in a pivotal moment of development as we continue to build on the strong momentum of interest in the world of online trading. The EU and UK markets remain key hubs for the group and are also attractive target markets. Jean-Raphael’s previous experience aligns well with our plans to catapult BUX’s CFD business into the next phase of growth.’’

BUX has a particular focus on crypto

Founded in 2014 by Nick Bortot in Amsterdam, BUX aims to offer European traders Robinhood-style expertise though it has brought its brokering in-house. In addition to cryptos, the company also offers commission-free investing that lets users invest in brands and companies they like via its own app.

In 2020, BUX announced the soft launch of its service that enables users to trade US shares at no cost, with users who want access to more advanced functionalities paying a small fee for the execution of their transactions.

Also, the company operates BUX Crypto, a platform that allows users to trade cryptocurrencies commission-free. The platform is currently available to customers in 25 European countries, including the Netherlands, Germany, Austria, and France.

The crypto brand emerged after BUX acquired Blockport, a European social cryptocurrency investment platform, in a bid to further expand its service offerings. Blockport was rebranded to BUX Crypto and registered with the Dutch Central Bank (DNB) as a cryptocurrency services provider under the BUX brand.

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