NEW YORK, Nov. 3, 2022 /PRNewswire/ — On October 24th, Eastern Time, MetaTdex successfully obtained a United States MSB license (Money Services Business), and that will help MetaTdex to further its global compliance strategy. This license is a financial license approved and issued by FinCEN (Financial Crimes Enforcement Agency) a bureau of the U.S. Department of the Treasury. Which allows MetaTdex to conduct digital currency transactions in a safe and compliant process.
The Department of the Treasury and the SFO （Securities and Futures Commission) have stipulated that MSB is a virtual currency exchange. And all the businesses that engage in digital asset-related business in the United States must register and get an MSB license from FinCEN.
With the MSB license, MetaTdex gained the following advantages:
Investors approval: The United States has excellent company laws and financial industry supervision, and a US license will make MetaTdex’s trading platform more appealing to global investors.
Obtain authoritative approval: With the authoritative approval of the United States Department of the Treasury, MetaTdex can carry out related business in the United States and around the world, and it represents the government’s compliance supervision of digital currency platforms.
Platform strength endorsement: The MSB license is a standard license for global digital currency trading platforms. And getting an MSB license needs specific requirements, so MetaTdex obtaining this license shows MetaTdex’s real strength.
Provide encrypted derivatives services: MSB license allows currency exchange services, so MetaTdex can better meet customer needs and provide more varied services.
Since MetaTdex is a decentralized trading platform, it technically ensures the authenticity of transactions and the security of user assets. Also,since assets are stored on the chain and transactions are processed by smart contracts, each transaction and access can be tracked. This transparent, non-tamperable feature prevents fraudulent actions, fake transactions, data rollbacks, and similar issues. Therefore, users will have a strong sense of trust in the platform.
Although the decentralized financial protocol is quite open in participation, its regulatory policies limited MetaTdex and other DeFi projects in brand promotion, cross-border financial cooperation, community expansion, and user-specific services.
Overall, with the growth of the market value of the cryptocurrency industry and the rise of DeFi finance, the regulatory policies of many countries have become clearer since 2021. Also, according to the current global securities and financial industries, all countries adhere to a strict supervision attitude to protect investors’ legitimate rights and interests, ensure social and economic stability, and protect public interests.
MetaTdex gaining an MSB license will expand the DeFi financial business under compliance supervision, provide a layer of protection for global users’ blockchain assets, and make user’s assets easier to control. And all of this is due to MSB’s responsibility to supervise the registered companies and members in order to protect the vital interests of the market and investors.
In the crypto market, compliance has gradually become a standard for exchanges platforms, making it easier for them to expand into new regional markets. If there is no license to operate, some governments may impose sanctions.
Although MetaTdex has obtained the MSB license in the United States, it has also applied for licenses in many countries, including the European Union, the United Kingdom, and Singapore in Asia. In the future, MetaTdex will provide more compliant digital asset financial services on a global scale, as well as policy protection for its users.
At present, MetaTdex has more than 200,000 active users in more than 30 countries and regions, including the United Arab Emirates, Malaysia, Turkey, Italy, Hungary, Cyprus, and the United States. MetaTdex takes compliance to a strategic level, and can carry out localized operations for market segments, such as, expanding different language services, developing new products (such as perpetual contracts, NFT), community interaction, WEB2 institutional cooperation, etc., to improve the DeFi Financial users experience.