In Brief:
- Liquid’s subsidiary agency, Quoine Corp., acquired the Japanese derivatives license.
- Quoine Corporation is designated as a Type I Financial Instruments Business.
The leading cryptocurrency platform Liquid announced that its subsidiary company Quoine Corp. acquired the Sort I Monetary Devices Enterprise license beneath the Monetary Devices and Trade Act from the Japanese regulatory authorities.
Under the Financial Instruments and Exchange Act rules, Liquid plans to expand its cryptocurrency derivative trading services for Japanese users.
Seth Melamed, Liquid’s chief operating officer, stated that “The Type 1 license issuance is the culmination of a great deal of preparation and collaboration by the entire Liquid team. It is also a validation that trading derivatives in crypto can be done in a compliant manner with full customer protections & transparency.”
Liquid is one of the largest crypto-fiat exchanges in the world. Furthermore, in 2021, it has over 800,000 clients and the highest daily transaction volume of $1.1 billion.
Liquid plans to focus on providing user-centric product offerings and prospects for investment that satisfy both retail and market customers.
Just two months back Liquid was hit by a $97 million security breach on its hot wallets, but the corporation was quick to point out that users’ wallet balances were unaffected.
