Coinfloor, the oldest operational cryptocurrency exchange in the U.K., has become the first company to achieve a distributed ledger technology (DLT) license in Gibraltar.
Passion Capital, the London based crypto exchange, is the first offshore company to achieve recognition as a regulated entity under Gibraltar’s flagship legislation for cryptocurrencies and blockchain companies. Under the British overseas territory’s regulatory framework, Coinfloor will be governed as a DLT provider.
The chief executive officer of Coinfloor, Obi Nwosu, showed a positive attitude toward Gibraltar’s licensing requirements and procedures. He stated that the legislative process is very considerate and careful. Nwosu added that the company received a request to show it could stick to “nine principles” to achieve the DLT license. The requirements contained concrete know-your-customer and anti-money laundering policies with strong cyber-security and custody procedures.
Earlier this month, Coinfloor would lay off 40 employees due to the reason of cryptocurrency bear trend as it showed a fatal move. At that time, Nwosu mentioned that the company had witnessed a significant change in trade volume in the market and Coinfloor is not as successful as it could have been and needed an aggressive movement to focus on competitive advantages in the market to not lose and draw clients. Although it was a tough decision to make but some changes and redundancies in internal group was inevitable.
Nwosu currently talked about changes as a normal development. He stated, “Changes are not always welcome guests but it is natural in the market cycle. The market has been built and in order to be competitive, appropriate changes are necessary.”
Author: Jieun Lee