#CryptoCorner: ErisX Wins DCO License, Binance to Offer Futures Contracts, Gemini Applying for Broker-Dealer License
Point Roberts, WA and Delta, BC - July 2, 2019 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news, in partnership with Fit Pay, Inc.'s (subsidiary of NXT-ID (NASDAQ: NXTD) crypto payment tech, Flip and the Genesis Exchange and Wallet App bring you today's edition of the Crypto Corner podcast and commentary on what's driving the cryptocurrency market.
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#CryptoCorner: ErisX Wins DCO License, Binance to Offer Futures Contracts, Gemini Applying for Broker-Dealer License and Russian May Not Be Banning Libra
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Stocks discussed: (NasdaqGS:FB)
U.S. crypto exchange ErisX has been granted a derivatives clearing organization (DCO) license from the U.S. Commodity Futures Trading Commission (CFTC), according to a blog post yesterday. This, in addition to a previously acquired Designated Contract Market (DCM) license, allows the firm to offer the clearing of digital asset futures contracts, which according to the blog post, will launch later this year. Thomas Chippas, CEO of ErisX, commented:
"ErisX is unique in that for our digital asset market, we have divided the trading and settlement functions using traditional DCM (exchange) and DCO (clearing) models. This reflects the structure that institutional investors expect from other asset classes and will help drive these markets toward greater relevance and accessibility."
Similarly, crypto exchange giant Binance will offer futures contracts. The news was announced by Binance CEO Changepeng Zhao (CZ) during his keynote speech at the Asia Blockchain Summit in Taipei, according to a company tweet.
The operator of Binance's forthcoming U.S. crypto trading platform, BAM Trading Services, has announced former Ripple executive Catherine Coley as its CEO, according to CoinDesk. CZ said of the news:
"I am confident that with Coley's leadership and Binance's leading technology platform, Binance.US will be able to provide valuable services to the U.S. community."
Elsewhere, CoinDesk reports that crypto exchange Gemini will apply for a broker-dealer license from the Financial Industry Regulatory Authority (FINRA). This will put the company on a path to become an Alternative Trading System, allowing clients to trade crypto securities legally.
CCN reports that Russia's deputy finance minister Alexei Moisseev, told local publications that a legal framework pertaining to cryptocurrency exchanges was impending. This may dispel the idea that Russia intends to ban Facebook's (NasdaqGS:FB) Libra platform. Moisseev said:
No one is going to ban. A large number of businesses ask when it will finally be possible to legally conduct an ICO transparently, this will definitely be regulated, permitted, and that's all.
Sam Mowers, Investorideas
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