Sequant Capital, an FCA UK regulated broker, has formed a strategic partnership with HitBTC to create a more secure and improved trading space for cryptocurrencies.
The partnership with HitBTC, a cryptocurrency exchange, will allow improved accessibility to the crypto market. It will provide direct market access to crypto assets through an FCA regulated company in the UK.
Traders depositing a minimum of 100 BTC or 1000 ETH with Sequant Capital will have funds stored securely in a cold wallet managed by the broker. That initial collateral, protected by Sequant Capital, will reduce the counterparty’s risks while giving them full advantage of trading on HitBTC.
The exchange features over 300 cryptocurrencies in more than 500 trading pairs, with an average daily trading volume of $192m.
George Zarya, CEO and founder of Sequant Capital says: “Our aim is to solve many of the issues that cryptocurrency traders are currently experiencing and to reserve a place at the forefront of the civilised regulation process.
“The FCA sets a high bar for financial regulation in the UK, and by applying that high standard to our operating model with HitBTC, we aim to increase trust and stability. For investors in traditional markets or those who already have exposure to cryptocurrencies but are lacking the professional ‘high-touch’ service that would let them trade large blocks in confidence, our initiative is a big step forward.”
Earlier this week, CryptoUK, the first self-regulatory trade association for the UK cryptocurrency industry, called for regulation in the industry. CryptoUK, which was set up earlier this year, has set out new plans for HM Treasury to make cryptocurrency investment a regulated activity under the Financial Conduct Authority (FCA).
The plan came just months after the Bank of England governor Mark Carney reportedly called for Cryptocurrencies to be regulated. Speaking at the inaugural Scottish Economics Conference, Carney said that the currencies themselves could present a future risk to financial stability and called for them to be more rigorously regulated.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
