Dubai - June 30, 2023 - BIT Crypto Exchange, a leading professional crypto exchange, is pleased to announce the successful completion of its registration as a Virtual Asset Service Provider (VASP) in Lithuania. This registration enables BIT to provide a range of crypto-related services to customers within the European Union/European Economic Area.
With this registration, BIT is now authorized to provide cryptocurrency exchange and cryptocurrency depositary wallet services. BIT is allowed to provide its platform as an exchange where users can buy, sell and trade various crypto currencies, and facilitate transactions between digital assets and fiat currencies or other cryptocurrencies.
BIT has strategically chosen Lithuania as its initial step toward achieving regulatory compliance. Recognized as one of the leading countries in terms of crypto-friendliness since 2020, Lithuania has established a conducive legal framework for cryptocurrency companies. The nation's proactive approach ensures that crypto-related activities are well-regulated and closely monitored to prevent any potential money laundering or terrorist financing activities.9
"Regulations play a pivotal role in shaping the cryptocurrency market, and it is imperative for exchanges to respond appropriately," said Lan, Co-founder and COO of BIT. "Our unwavering commitment to establishing BIT as a trustworthy and compliant exchange is evident in our business practices. We firmly believe that a strong regulatory framework is essential for instilling trust and ensuring the long-term success of our platform."
Moving forward, BIT's next steps involve establishing the necessary operational foundations for its Lithuanian entity. This includes implementing local accounting practices and complying with financial regulatory reporting requirements. Additionally, BIT will update its terms and conditions to incorporate provisions specific to the services provided by the Lithuanian entity. Furthermore, adjustments to the Anti-Money Laundering/Know Your Customer (AML/KYC) processes will be made to ensure compliance with Lithuania's AML requirements when onboarding customers and delivering services under the Lithuanian VASP license.
As BIT continues to expand its presence in the global market, this registration milestone strengthens its commitment to providing secure, reliable, and compliant cryptocurrency services to its growing customer base.
BIT is a full-featured cryptocurrency exchange that is designed for use by professionals, with advanced risk management and fund efficiency supported by Portfolio Margin and Unified Margin.
BIT was launched in August 2020 as an affiliate of Matrixport, a prominent crypto financial service company. BIT is one of the top crypto options trading platforms which offer innovative USD-margined trading pairs.