BIT Crypto Exchange Becomes Registered VASP In Lithuania
BIT Crypto Exchange, a leading professional cryptocurrency exchange, is proud to announce its successful registration as a Virtual Asset Service Provider (VASP) in Lithuania. This regulatory milestone allows BIT to offer a wide range of crypto-related services to customers within the European Union/European Economic Area. The registration grants BIT authorization to provide cryptocurrency exchange and cryptocurrency depositary wallet services. As an exchange, BIT’s platform enables users to buy, sell, and trade various cryptocurrencies. It facilitates transactions between digital assets and fiat currencies or other cryptocurrencies.
🔥#BIT is now authorized to provide #crypto exchange & wallet services within the EU/EEA
🤝Users can trade #digitalassets & exchange fiat currencies & #crypto
🌍 This registration reinforces our commitment to secure, reliable & compliant services
More👉 https://t.co/uXnHZJWuy8 pic.twitter.com/E1ibGjED0n
— BIT Crypto Exchange (@BITCryptoXchg) June 30, 2023
BIT’s Focus in Lithuania’s Crypto Landscape
Lithuania was strategically chosen by BIT as its first step toward achieving regulatory compliance. The country has been recognized as one of the most crypto-friendly nations since 2020 and has established a favorable legal framework for cryptocurrency companies. Lithuania’s proactive approach ensures robust regulation and close monitoring of crypto-related activities to prevent money laundering and terrorist financing.
“Regulations play a crucial role in shaping the cryptocurrency market, and it is essential for exchanges to respond accordingly,” 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 vital for instilling trust and ensuring the long-term success of our platform.”
Strengthening AML/KYC Processes
BIT’s immediate focus is on building the operational foundations for its Lithuanian entity. This includes implementing local accounting practices and complying with financial regulatory reporting requirements. The company will also update its terms and conditions to incorporate provisions specific to the services offered under the Lithuanian entity. Additionally, adjustments will be made to the Anti-Money Laundering/Know Your Customer (AML/KYC) processes to ensure compliance with Lithuania’s AML requirements for customer onboarding and service delivery.
BIT is a comprehensive cryptocurrency exchange designed for professional use, offering advanced risk management and fund efficiency supported by Portfolio Margin and Unified Margin. Launched in August 2020 as an affiliate of Matrixport, a prominent crypto financial service company, BIT is one of the leading platforms for innovative USD-margined trading pairs in the crypto options trading space.
