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AUSTRAC Registration Successful for Australia’s First Insured Exchange

Jun 29 2018

09/04/18, London, UK — Blockbid have become only the third Australian cryptocurrency exchange to successfully complete AUSTRAC registration, meaning they have been granted permission to legally operate as a cryptocurrency exchange, according to Australian law. This is an important stepping stone to becoming an active, worldwide cryptocurrency exchange, whilst further guaranteeing a safe, transparent and compliant platform for crypto investors to trade on.

Blockbid vows to provide the most complete offering of cryptocurrency on one single exchange platform, whilst charging an ultra-low, fixed transaction fee of 0.1%, and providing insurance to protect users against any potential cyber-attacks. Furthermore, they will offer the ability to trade with at least seven different fiat currencies in the next 6–12 months, with four being made available immediately during the beta launch. Combined, these features offer a more comprehensive exchange platform than the previous two AUSTRAC registrants, and indeed than any other crypto exchange globally.

Additionally, Blockbid are pleased to announce further details for their Beta launch, which is set to go live April 16th. Blockbid developers are committed to ensuring the best possible experience for users, whilst security is of paramount importance. Therefore, the Beta launch will run as follows -

  • The MVP beta launch will begin with a limited pool of users, who will initially explore the platform without trading real currency. This phase will act as a testing session and will continue until Blockbid developers and userbase are completely satisfied with delivery.

  • Following that, the platform will be further tested, and Blockbid will work through patches and implement the next stage of design and user interaction, based on user feedback.
  • Following thorough testing throughout the above two steps, phase one of the beta launch will open to general public, initially with top cryptos and a selection of fiat currencies: Cryptos: Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BCG), Litecoin (LTC), Ripple (XRP). Fiats: USD, AUD, JPY, Euro

  • Lastly, additional tokens will be introduced for phase two of the beta launch: Ethereum (ETH), Dash (DASH), NEM (XEM), Digibyte (DGB), Nano (NANO), Bytecoin (BCN), Nexus (NXS), Iconomi (ICN), Cajutel (CAJ), Jetcoin (JET), ASTRcoin (ASTR), Fincoin (FTB), Trezarcoin (TZC), Unify (UNIFY), LanaCoin (LANA), TajCoin (TAJ), I/O Coin (IOC), NETKO (NETKO), Fujicoin (FJC), Unitus (UIS), Bitether (BTR), Decision Token (HST), DNotes (NOTE).

David Sapper, COO at Blockbid says: “Inline with Blockbid’s vision since launching in August, we are proud to announce that we are fully registered with Australia’s regulatory financial oversight body AUSTRAC to operate as a digital currency exchange. Since its inception Blockbid has always wanted to put customers security and peace of mind at the forefront of building a one-for-all platform, allowing our users to trade with confidence. As a registered digital currency exchange in Australia we are looking forward to opening up our doors worldwide to all traders and investors who want to use a platform that is legitimate and provides asset insurance as well. This is a big step not only for the Australian cryptocurrency space but also for our company as it means that our vision to allow you to trade with confidence has been acknowledged by the Australian government under AML/CTF guidelines.”

AUSTRAC registration and the upcoming Beta launch represent two key steps towards the full-scale launch of Blockbid in 2019.