24 Exchange Broker Receives License

February 17, 2022

24 Exchange announced that its new affiliate, 24 Exchange Broker Limited, has received a license from the Bermuda Monetary Authority [BMA] to begin operating as a digital asset service vendor.

A spokesperson said, “This license further cements the 24 Exchange platform at the forefront of seamless exchange trading across a broad range of FX and crypto assets.

“The company also submitted to the U.S. Securities and Exchange Commission on February 2 a final Form 1 application for a license to create a new national exchange. If approved, this new exchange will be the first fully electronic exchange in the U.S. that allows trading of securities on a 24/7/365 basis.

“24 Exchange Broker Ltd. received the “Class T” Digital Asset Business Act [DABA] license on February 8 and started operating a central dealer function for the cryptocurrency market. 24 Exchange Bermuda Ltd. had previously been granted a “Class T” Cryptocurrency DABA License from BMA in July 2021, and completed its first spot cryptocurrency bilateral trade last September.

“The 24 Exchange trading platform facilitates a central dealer function for the spot cryptocurrency market, and provides greater autonomy for traders and holds the potential to significantly accelerate institutional clients’ adoption of cryptocurrency products. Institutional customers who onboard 24 Exchange Broker Ltd. as a single counterparty are able to access a deep anonymous liquidity crypto spot pool instead of having to onboard each counterparty individually.”

Dmitri Galinov, 24 Exchange CEO and Founder, said, “This BMA license for 24 Exchange Broker Ltd. enables us to bring spot cryptocurrency trading onto our institutional-grade platform, making it more available, accessible and standardized. We are pleased to continue to drive the institutional adoption of crypto products trading at the best available rates and with around-the-clock availability.

“Our company truly appreciates the efficient work of the Bermuda Government’s Office of FinTech and the Bermuda Business Development Agency – as well as their dedication to supporting the growth of the digital asset sector in Bermuda.”

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