Tag: FATF
Reminder: Reject The Financial Action Task Force
XREX Acquires Money Services Business License from Canada’s FINTRAC
Taipei, Taiwan, January 26, 2022 -- XREX Inc. announced today that it has obtained the Money Services Business (MSB) license from the Financial Transactions and Reports Analysis Centre (FINTRAC) under the Canadian government. The license allows the Taipei-based neo fintech firm to extend its crypto-fiat exchange services, which includes cross-border payments, remittances, global transfers, foreign exchange, and virtual assets dealing to clients.
“Security, transparency, and compliance are the keystones of XREX. As a fully registered MSB under FINTRAC, we are once again demonstrating our industry-leading ability and commitment to creating a secure platform to combat bad actors and protect our users from crypto-related crimes,” said Nick Chang, Head of Compliance at XREX.
As one of the most vibrant financial markets in the world, Canada is the home of millions of immigrants and cross-border entrepreneurs. Many of whom must handle remittances, receivables, and international payouts of various scales on a daily basis. Partnering with a government-approved platform like XREX is crucial to their success as they transact with their counterparts all over the world each day, in particular India, Africa, and other emerging markets. To date, XREX is the only Taiwan-based firm to have been granted the MSB license from FINTRAC.
“This license not only recognizes XREX's ability to protect its users, but it also allows Canada-based users to leverage XREX's time-tested platform to safely facilitate their financial transactions at low costs and in real time,” said Catherine Lee, an advisor from Toronto Global, an investment attraction agency that helps the Governments of Ontario attract promising firms and foreign investment to Canada.
As Canada is one of the global standard bearers in financial regulations and digital assets protections, the acquisition of the MSB status is paramount to XREX's goal of serving more clients in Asia, Europe, the Middle East, and South America in near future, said Chang.
XREX is in the process of applying to the Monetary Authority of Singapore (MAS) for a Major Payment Institution license, which will allow XREX to conduct money transfers, business payments, money-changing, and digital payment token services. In addition, XREX has completed the filing of its Compliance Statement on Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) to Taiwan's Financial Supervisory Commission (FSC).
Founded in 2018 and led by internationally-recognized cybersecurity leader Dr. Wayne Huang, XREX comprises a team of experts in compliance, cryptocurrency, blockchain, fintech, and cross-border payments. XREX's protection and detection mechanisms such as Anti-Money Laundering (AML) and Know Your Customers (KYC), help cross-border merchants and businesses in emerging markets to compete on a clean and even playing field.
XREX recently onboarded a full suite of tools from the world's top digital intelligence and forensics providers--CipherTrace and TRM Labs, making XREX one of the most tightly secure and trustworthy crypto firms in the world.
XREX is a member of the Travel Rule Information Sharing Alliance (TRISA), a coalition of top crypto companies to combat money laundering, scams, and illicit actors in the global crypto industry. Earlier, Wayne published a CEO letter to announce that XREX is Financial Action Task Force (FATF) Travel Rule compliant.
To find out how your business can leverage XREX as a crypto-fiat exchange partner, please contact us at [email protected], or on Telegram, Twitter, Facebook, Blog, and LinkedIn.
###
ABOUT XREX
XREX is a neo fintech leveling the playing field by partnering with banks, regulators, and verified individuals to redefine banking together. Our blockchain-driven solutions create a collective financial system that empowers all to participate and contribute to the global economy.
Founded in 2018 and headquartered in Taipei, XREX comprises a team of world-leading experts in cybersecurity, fintech, compliance, and cryptocurrency to offer a full suite of innovative products such as BitCheck, XREX Circles, Risk Level to solve the dollar-liquidity shortage issues faced by cross-border merchants in emerging economies.
Media ContactsYoyo Yu
Director, CEO Office at XREX Inc.
[email protected]
CySEC Imposes Administrative Fine of €3,000 on CIF Atlantic Securities Ltd
Cardano Deep Dive: Info you NEED about Cardano and ADA
Cardano (ADA) is a third-generation blockchain. What does that mean? In a nutshell, it builds on all the lessons learned from other coins to create a layered and distributed computing platform that places a special emphasis on security and engineering rigour. Cardano was officially launched in September 2017 under the so-called ‘Byron’ bootstrap phase. It […]
The post Cardano Deep Dive: Info you NEED about Cardano and ADA appeared first on Coin Bureau.
Botswana Cryptocurrency Regulation: Government Set to Present Virtual Asset Bill to Parliament
Jan. 6 US Committee Hits Rioters With Subpoenas Over Bitcoin Donations
Bithumb NFT Marketplace Set To Launch This Year
Industry chatter suggests that major Korean exchange Bithumb is developing its own NFT marketplace under a partnership with LG subsidiary, LG CNS. Bithumb, a global cryptocurrency exchange with its headquarters in South Korea, announced today that its NFT marketplace is currently in the early stages of development. The launch is scheduled for 2022, but the [...]
The post Bithumb NFT Marketplace Set To Launch This Year appeared first on Blockonomi.
Pakistan Wants To Block Websites Dealing With Crypto
Pakistan Seeks to Block Websites Dealing in Cryptocurrency: Report
Hong Kong begins discussions to introduce stablecoin regulatory framework
The Hong Kong Monetary Authority shared a list of eight questions to seek policy-related recommendations citing five possible regulatory outcomes — no action, opt-in regime, risk-based regime, catch-all regime and blanket ban.
Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky
Kristin Smith, executive director at Blockchain Association, and Jake Chervinsky, head of Policy at Blockchain Association, discuss the current state of crypto regulation. Show topics: why 2021 was a watershed[...]
The post Can Crypto Be a Force in the Midterms? Yes, Say Kristin Smith and Jake Chervinsky appeared first on Unchained Podcast.
Permissioned DeFi Is Here
January 6, 2022 / Unchained Daily / Laura Shin Daily Bits ✍️✍️✍️ Bitcoin mining pool hashrate crashed after Kazakhstan’s government cut off[...]
The post Permissioned DeFi Is Here appeared first on Unchained Podcast.