24 Exchange Gains A Crypto License from Bermuda Monetary Authority

24 Exchange, a multi-asset class trading platform, announced that it has obtained a "Class T" Digital Asset Business license from the Bermuda Monetary Authority (BMA) to offer cryptocurrency trading.

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The 24 Exchange platform is one of the fastest and most robust in the financial-technology industry, offering NDF trading, FX Swaps, and FX Spot, along with market access and monitoring services.

With the new crypto license, the company will be launching physical cryptocurrency trading to its institutional clients later this summer and expanding its range of trading services beyond its current offerings by the introduction of a crypto trading capability with non-deliverable forwards (NDFs) in BTC and ETH. 24 Exchange pioneered the trading of NDFs for cryptocurrencies on its platform and established standardized cryptocurrency NDF contracts.

Dmitri Galinov, 24 Exchange CEO and Founder, commented:”This BMA license enables us to reliably bring low-cost institutional grade technology to clients who wish to trade cryptocurrency products. We intend to expand our platform's trading capability in the future to encompass all the other assets on our exchange – all at best available rates.”

Earlier this year, Fazzaco reported that 24 Exchange has launched and traded the first anonymous interbank FX Swaps order book with streaming quotes.