CEX.IO Limited Launches New Services, Including Crypto-Backed Lending, Following Approval From Gibraltar Authorities
CEX.IO Limited customers can borrow up to $500,000 against their cryptocurrency assets via a regulated lending service
CEX.IO Limited customers can borrow up to $500,000 against their cryptocurrency assets via a regulated lending service
Our new service makes cryptocurrency-backed l**** accessible for participants of the digital asset market who require extra capital
With a 50% Loan-to-Value (LTV) ratio, registered and verified CEX.IO customers can borrow funds instantly against their Bitcoin (BTC) and Ethereum (ETH) assets. The cryptocurrency exchange’s new customers have to open an account and complete the necessary Know Your Customer (KYC) checks before requesting a loan on the CEX.IO LOAN service.
After a successful request, the customer’s collateral is placed in a secure cold storage. At the same time, CEX.IO Limited credits the loan to the borrower’s user account in USD or EUR. The customer can then withdraw it to a card or bank account or use the sum to trade digital assets on the platform. Upon the full repayment of the loan’s principal and interest, CEX.IO Limited automatically releases the cryptocurrency collateral back to the borrower.
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Besides security, convenience, and accessibility, CEX.IO Limited considers regulatory compliance as one of its top priorities. For that reason, the cryptocurrency service has a number of licenses in multiple jurisdictions, including the United States, Cyprus, and Gibraltar.
Since last year, the company has been licensed as a Distributed Ledger Technology (DLT) provider by the Gibraltar Financial Services Commission under Gibraltar’s highly reputable DLT regulatory regime. However, the extension to its regulatory permissions allows the firm to provide additional products and services to its customers all within a safe and well-regulated environment.
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“Our new service makes cryptocurrency-backed l**** accessible for participants of the digital asset market who require extra capital. With the new Moneylending license, CEX.IO LOAN can accomplish this goal, and we are delighted that Gibraltar’s regulators and Government have shown their support for our LOAN service. Through innovation and an expanding ecosystem of licensed products, we are committed to creating value on the cryptocurrency market,” Anton Chashchin, Commercial Director for the CEX.IO LOAN service, said.
“The crypto industry in Gibraltar has been growing substantially since we put the DLT Regulations in place. Given the pace at which the industry is evolving, it is no surprise that firms such as CEX.IO Limited are expanding their offering. It has been a pleasure for us to assist CEX.IO Limited in their expansion plans from a legal and regulatory perspective, which, thanks to the professionalism of all involved, has been a seamless task”, – stated Anthony Provasoli, Partner at Hassans International Law Firm Limited, which has assisted CEX.IO with legal and regulatory matters in Gibraltar.
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AIT News Desk is a trained group of web journalists and reporters who collect news from all over the technology landscape. The technical space includes advanced technologies related to AI, ML, ITops, Cloud Security, Privacy and Security, Cyberthreat intelligence, Space, Big data and Analytics, Blockchain and Crypto.
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