Swissquote secures CySEC licence as crypto business grows

abdelaziz Fathi

Swissquote Group, Switzerland’s provider of online trading services, has received approval from CySEC to operate as a market-making Cyprus investment firm.

Swissquote

The licence provides yet another regulatory stamp for the online bank’s offering, which includes digital assets and cryptocurrencies, in Cyprus and Europe.

Swissquote’s head of sales, Muamar Behnam, announced the news in a LinkedIn post and said the move comes as part of the group’s broader plans to grow internationally.

Operating under the Cysec umbrella allows the new subsidiary, Swissquote Capital Markets Ltd (CY), 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.

Cyprus has long positioned itself as a jurisdiction that is well-regulated and is ideal for international FX providers that are looking for a stamp of European approval.

The introduction of the new brand comes at a time when some clients are ‎experiencing challenges in finding a reliable broker or are facing increased trading costs in ‎a constrained market.‎ As such, Swissquote’s Cypriot unit will try to develop a coherent image of the company that already combines a diversified offering and high-profile Swiss bank regulation as a top priority.

Swissquote has been looking to delve further into the digital-asset arena with the launch of its own cryptocurrency trading platform. Earlier in October, the company announced that its own crypto exchange, dubbed ‘SQX’, is run and operational. To further sweeten the offering, Switzerland’s largest online bank added stablecoins and staking services to the list of cryptocurrency offerings.

The new service combines Swissquote’s expertise as a provider of online trading services with digital asset security, in a bid to provide a safekeeping service for investment houses looking to gain exposure to the rapidly emerging asset class.

Swissquote’s crypto offering is going up against local players like Dukascopy which has its own cryptocurrency, allows clients to deposit and withdraw funds in digital coins, as well as enabling free internal crypto-transfers between users of mobile banking.

Read this next

blockdag

BlockDAG’s $28.5M Presale Ignites Investor Frenzy! Dashboard Upgrade Unveils Top Rankings, Overshadowing Retik Finance Listings!

Learn how BlockDAG’s updated dashboard, featuring detailed community rankings, is diverting investor interest from Retik Finance’s anticipated market entries.

Digital Assets

Gala Games reportedly hacked for $200 million, token nosedives

The native token of crypto gaming project Gala Games (GALA) dropped sharply amid rumors of a massive transfer worth over $200 million that traders suspected might be a hack.

Digital Assets

Ether skyrockets amid rumors of spot ETF approval

The chances of the U.S. government approving spot Ether ETFs have increased, according to top Bloomberg ETF analysts. Initially viewed as unlikely, analysts James Seyffart and Eric Balchunas now see a 75% chance of approval, up from 25%, following recent developments.

Digital Assets

New York judge approves $2 billion settlement with Genesis

A New York bankruptcy judge has approved a $2 billion settlement between the New York State Attorney General’s office and crypto lender Genesis, marking the largest settlement against a crypto firm in the state’s history.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary: Federal Reserve Policy, ECB, Geopolitical Tensions, May 20 ,2024

Fed holding rates to fight inflation, ECB likely cuts June rates, geopolitical tensions favor safe-haven USD

Digital Assets

Grayscale CEO steps down, replaced by Goldman Sachs veteran

Grayscale CEO Michael Sonnenshein after 10 years with the digital asset investment firm, the company said on Monday.

blockdag

Influencers Fuel BlockDAG’s $28.4M Presale Amid Solana Price Surge & Kaspa Bull Run

Dive into BlockDAG’s presale success, boosted by influencer endorsements. Explore the Solana price surge and Kaspa’s bullish sentiments.

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 20 May, 2024

EURGBP currency pair can be expected to fall further toward the next support level 0.8525, which is the low of the previous corrective wave ii.

Digital Assets

Pump.fun exec arrested for $1.9 million exploit, claims bail in UK

Jarett Dunn, a former employee of the memecoin creator and trading platform pump.fun, claims he was arrested and subsequently released on bail in the United Kingdom following a $1.9 million exploit on the platform.

<