The post AUSTRAC approves license for Blockbid, Australia’s first insured exchange appeared first on CoinReport.
Blockbid is now 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 about last week.
Austrac has approved an application by cryptocurrency exchange Blockbid, in accordance with the new regulatory powers given to it starting 3 April 2018. The platform’s main differentiating feature compared with most other marketplaces is providing insurance to users against any potential cyber-attacks. It also plans to offer the ability to trade with at least seven different fiat currencies in the next 6-12 months, with four available during an upcoming beta launch.
Coinbase appears poised to increase its global market share for licensed cryptocurrency exchanges. It recently hired a mergers and acquisitions veteran who handled more than 40 deals for Linkedin, signaling its intent to start gobbling up competitors in the industry. Now it’s also established a new legal beachhead in the UK from which it can further penetrate the European bitcoin market.