Blockbid has registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC). This makes it only the third company granted permission to legally operate as a cryptocurrency exchange in Australia since new regulations came last week.
AUSTRAC has approved an application by cryptocurrency exchange Blockbid, in accordance with the new regulatory powers given to it starting April 3, 2018. The platform’s main differentiating feature is providing insurance to users against any potential cyber-attacks. It also plans to offer the ability to trade with at least 7 different fiat currencies in the next 6-12 months, with 4 available during an upcoming beta launch.
«Since its inception Blockbid has always wanted to put customers security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence. As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well. This is a big step not only for the Australian cryptocurrency space but also for our company as it means that our vision to allow you to trade with confidence has been acknowledged by the Australian government under AML/CTF guidelines», – said David Sapper, the chief operating officer of Blockbid.