CoinZoom Global Gets License From BMA

August 30, 2022

CoinZoom announced its Bermuda based subsidiary CoinZoom Global, Ltd. has been granted a license under the Digital Asset Business Act [DABA] from the Bermuda Monetary Authority [BMA].

A spokesperson said, “CoinZoom, a U.S. based cryptocurrency exchange and leading fintech company announced its Bermuda based subsidiary CoinZoom Global, Ltd. has been granted a license under the Digital Asset Business Act [DABA] from the Bermuda Monetary Authority [BMA], allowing the exchange to serve as a trading platform for Non – U.S. customers outside of the U.S. seeking an avenue to trade digital assets.

“The exchange has been granted a Modified “M” license, which is designed to allow a financial firm to test its proof of concept and ensure its compliance program is effective to scale long term. This license is typically held for twelve months before converting to a Full “F” license.”

“We are delighted with this news and appreciate the Bermuda Monetary Authority working with us to grant the M license,” said CoinZoom CEO, Todd Crosland. “We believe that running our business with an abundance of caution is paramount to protecting our customers. The implementation of a clear and well-developed set of rules for crypto firms to adhere to is vital to bringing crypto to the mainstream.”

The spokesperson said, “The BMA provides transparent regulatory frameworks and requirements for crypto financial services in an effort to curb international criminal activity and ensure consumers are protected.”

“It was a pleasure to work with the dynamic and innovative CoinZoom team on their DABA license,” said, Jerome Wilson, Partner and Head of Appleby’s Technology & Innovation practice in Bermuda. “We look forward to working with them on many of their future plans. CoinZoom’s attraction to Bermuda further highlights the Island’s strength as a leading jurisdiction in the Digital Asset Business industry.”

The spokesperson said, “The CoinZoom team has extensive global exchange and trading experience which was drawn on to build a reliable, safe and innovative digital currency exchange, offering services in buying, selling, earning, sending and spending cryptocurrencies.”

“Our top priority is to ensure the safety of our customers’ funds and personal information. We’re providing a trusted avenue for both our U.S. and International customers to invest in digital assets, and the Bermuda license allows us to expand our customer reach while remaining fully compliant,” added Crosland. “Being able to work with forward-thinking regulators like BMA is a very positive sign for the future of cryptocurrencies worldwide.”

The spokesperson said, “Since obtaining the DAB M license, CoinZoom Global, Ltd. is now able to operate in Bermuda as a digital asset exchange, providing custodial wallet services and margin trading for digital assets. These offerings make it easier for consumers to integrate crypto into their everyday lives.”

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Comments (3)

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  1. trufth says:

    How many Bermudian jobs?

    • Unknown800k says:

      To many to put in Victoria hall I guess, it’s still empty.

      • Joe Bloggs says:

        NO. Victoria Hall is full of people! Have you not been listening to our premier? That man on the front porch is not homeless, he is building security in disguise!