Bitstamp, the renowned crypto platform, has accomplished yet another achievement by becoming an approved firm under the esteemed Financial Conduct Authority (FCA) in the UK.
The recognition confirms the exchange’s status as one of the safest and most compliant crypto exchanges in the worldwide market.
Bitstamp stated its pride in being recognized among a few selected crypto exchanges by the FCA in an official announcement. The company presently has 52 licenses and registrations worldwide that are impressively tallied. This emphasizes its loyalty to running with the highest standards possible.
The exchange’s attainment of FCA registration demonstrates its commitment to upholding financial standards and protecting customers, in line with traditional financial institutions.
Anti-money laundering (AML) and counter-terrorist financing (CTF) measures are included in these standards to ensure that users have the utmost security.
By complying with strict FCA requirements, Bitstamp’s registration demonstrates its commitment to regulatory compliance. A secure and compliant platform for accessing cryptocurrencies is provided to UK customers.
The UK-based company’s services cover a broad spectrum, providing for both institutional and retail customers. The duties require safeguarding cryptocurrency assets and conducting dealings with legal tender. Trading cryptocurrencies against other crypto assets are also included.
Bitstamp’s commitment to regulatory compliance has not gone unnoticed. The company recently achieved the top spot in CCData’s (formerly CryptoCompare) Exchange Benchmark report for the second consecutive time.
With an AA rating, Bitstamp was the only platform to receive the highest rating in the report’s latest and previous four editions.
Bitstamp’s Crypto Lending Performance Report
In addition to its regulatory milestones, the exchange has also released its first Crypto Lending Performance Report for May 2023. The report highlights the strong performance of Bitstamp Earn Lending, which primarily consists of Bitcoin (65%), Ethereum (11%), and Ripple (11%).
Notably, all borrowers have made timely repayments of interest and principal, maintaining a consistent level of creditworthiness. The absence of non-performing loans has enabled the exchange to provide users with a steady Annual Percentage Yield (APY).
Nevertheless, the crypto industry matures, and regulatory compliance becomes increasingly vital. The exchange’s registrations and CCData’s recognition reaffirm the company’s commitment to compliance, security, and transparency.
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