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

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

Digital Assets

Prisma Finance suffers $10 million crypto exploit, attack ongoing

Liquid staking protocol Prisma Finance fell victim to a security exploit on March 28, resulting in nearly $10 million in Prisma mkUSD and wrapped stETH being stolen by hackers.

Digital Assets

Masa and LayerZero: Bridging Blockchains for Data Sovereignty

Masa Network is poised to revolutionize the personal data landscape with its upcoming launch as a cross-chain platform, making it accessible on a variety of blockchains right from the start.

<