In an effort to expand its services, BitMart Exchange has announced that their Legal Compliance team is working to obtain broker-dealer registration as an alternative trading system (ATS) with the U.S. Securities and Exchange Commission. This move would allow BitMart to list tokenized equity for its users as a licensed brokerage firm.
To assist in this process, BitMart has signed an official engagement with Proskauer Rose LLP. Proskauer is a top international law firm, known for its excellence in corporate, private equity, private investment funds, international M&A, and financial law. The firm consists of over 700 attorneys, including former SEC officials, NYSE counsels, securities litigators, and acclaimed transactional lawyers recognized by the legal society. Following BitMart’s registration as a money services business at the federal level with the U.S. Financial Crimes Enforcement Network in April, Proskauer will also provide assistance in the strategic planning of MSB registrations at the state level.
“BitMart’s mission is to offer convenient financial services in the crypto trading market,” said Sheldon Xia, Founder & CEO of BitMart. “Once compliance is assured and reliable banking partners are established we will begin to offer fiat trading as well. Users will no longer have to own cryptocurrency in order to register and trade on BitMart, as they will be able to purchase digital currencies using a credit card, bank account, or even wire transfer.”
In addition to providing fiat trading, BitMart also aims to incorporate new features including futures contract trading, whole-network trading and decentralized trading by early 2019.