Australia’s Blockbid Exchange Granted Cryptocurrency License by Austrac

Blockbid is now registered with the Australian Transaction Reports and Analysis Centre (Austrac). This makes it only the third company granted permission to legally operate as a cryptocurrency exchange in Australia since new regulations came about last week.

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Cyber Insurance

Austrac has approved an application by cryptocurrency exchange Blockbid, in accordance with the new regulatory powers given to it starting 3 April 2018. The platform’s main differentiating feature compared with most other marketplaces is providing insurance to users against any potential cyber-attacks. It also plans to offer the ability to trade with at least seven different fiat currencies in the next 6-12 months, with four available during an upcoming beta launch.

David Sapper, COO at Blockbid commented: “Since its inception Blockbid has always wanted to put customers security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence. As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well. This is a big step not only for the Australian cryptocurrency space but also for our company as it means that our vision to allow you to trade with confidence has been acknowledged by the Australian government under AML/CTF guidelines.”

Beta Launch

Blockbid also revealed further details about their beta launch, set to go live April 16th. It will begin with a limited number of users, who will explore the platform without trading real currency, and will continue until developers and users are satisfied with delivery.

After upgrading the system based on user feedback and further testing, phase one of the beta launch will open to general the public. This will commence with five cryptocurrencies and four fiat currencies: bitcoin (BTC), bitcoin cash (BCH), bitcoin gold (BCG), litecoin (LTC), ripple (XRP), USD, AUD, JPY, and EUR. Lastly, many additional tokens will be introduced in phase two of the beta launch.

Should Australians feel safer with local exchanges getting licensed by the authorities? Share your thoughts in the comments section below. 

Images courtesy of Shutterstock.

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