Cryptocurrency space is still far from being safe. Numerous hacks, attacks, or exploits make it still one of the more dangerous places on the Internet since it is very hard to keep your investments or even your identity safe. This has been proven in the past by events such as the Mt.Gox hack, QuadrigaCX vanishing, Ledgers Data leak, or CoinCheck hack. To show that the security of cryptocurrency space is still far from ideal, one does not have to go too much into the past, since only this year, more than 20 exchanges already disappeared, got hacked, or closed their gates for their customers.

Due to this, it is ever more important for the clients to know whether they can trust cryptocurrency exchanges for trading purposes. And one way, how these institutions and platforms can persuade their clients that they are safe, is by obtaining appropriate licenses, which is what Bingbon has done.

Several different licenses

Ever since Bingbon began offering crypto services, it has been taking security, safe trading, and legal compliance pretty seriously. Offering any type of financial service can be very tricky, with loads of regulations in order to operate. Typically, this is not usually a problem for exchanges that are willing to do their due diligence and prepare their platform to protect the interests of their users through obtaining different types of licenses. 

MSB License

Money Services Business (MSB Licence) is very unique in the crypto space. This type of license is issued by FinCEN (Financial Crimes Enforcement Network) in the United States and is one of the highest forms of licensing any cryptocurrency exchange can receive. As with other licenses, MSB is concerned mainly with the safety and supervision of any business or company that is concerned with money services.

Even though its importance for any business or platform that offers money services is pretty high, only a few cryptocurrency exchanges were able to obtain it. Bingbon is amongst such exchanges as Bittrex, Binance, or Huobi, who were able to receive this license.

For more details about the MSB license for Bingbon, check the following link and under the LEGAL NAME, enter Bingbon.

DCE AUSTRAC License

Another important license that was given to Bingbon is the DCE AUSTRAC License. This license, like many others, makes sure that the capital or finances on the platforms and exchanges are not used for money laundering, tax evasion, or funding of terrorism. Back in 2018, the Australian government passed AML legislation requiring that all exchanges operating within this continent must have this form of license.

Thanks to the new regulations and laws, AUSTRAC has the right to be involved in the supervision of the trading of cryptocurrencies such as Bitcoin or Ethereum. Therefore, for a cryptocurrency exchange that wants to operate in this area, which Bingbon wants, it is essential to hold this license.