The AI-enhanced, encrypted exchange also announced its partnership with top OTC trading desks in Europe, Asia, and the US. The partnership will allow the exchange to open high capacity desk that will support fast transactions and settlement time at an international level.
The Bibox European branch was announced a few months prior to its launch. The platform is a member of the VQF (Financial Services Standards Association), a self-regulatory organization which received approval in 2018 from Switzerland’s financial markets regulator, FINMA. As an SRO member, the exchange is able to act as a ‘financial intermediary’ under the Swiss Anti-Money Laundering Act (AMLA).
Bibox Europe also has to be compliant with a number of stringent rules and rules. The platform will have to go through rigorous audits, KYB (Know Your Business) processes and AML compliance mechanisms which are constantly;y monitored and updated.
“Europe’s concise regulatory and legal framework for cryptocurrencies, combined with our strong ties to some of the finest OTC services in the region, makes it the perfect fit for the expansion of Bibox. Our OTC Desk employs high-performance algorithmic formulas to outperform the markets and to trade at the lowest prices. We provide traders with high liquidity on top of rapid order execution because of our cooperation with major exchanges and other liquidity providers. Our OTC team consists of experienced leaders with vast experience in the crypto industry and traders with a wealth of knowledge of financial markets.”
– said Aries Wang, Bibox Co-Founder
Bibox Europe will charge 0.1% on transaction fees with the taker and maker model, and it will not charge any fees on deposit until September 30th, 2019.
The launch of the new branch will give European residents more accessibility to the crypto market, and as a result, the market will receive more liquidity.
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Post source: Bibox Opens European Fiat-to-Crypto Exchange