Crypto ExchangesPolicies & Regulations

BTSE digital asset exchange under scrunity after UAE Central Bank refutes jurisdiction

BTSE, the multi-currency digital assets exchange has come under scrunity in an article written by the BlockCrypto. The BlockCrypto investigated claims made by BTSE on its website where it states that BTSE BVI incorporated in the British Virgin Islands and  offers multi-currency digital assets exchange services. On the same website, BTSE also states that it is present in the UAE  and is licensed by the Department of Economic Development, Government of Dubai and is under the regulations of the Central Bank of United Arab Emirates. The companies adhere strictly to the quality standards set for Investment Strategies, Services and Financial Reporting by the Central Bank UAE.

However when BlockCrypto asked the Central Bank of UAE if BTSE fell under its jurisdiction the central bank refuted this.

According to Blockcrypto a spokesperson for the central bank told The Block that BTSE is “not licensed” by the central bank and “does not fall under CBUAE jurisdiction and regulations”

BTSE said this week that it has been shifting its operations to the British Virgin Islands since last year, a move is indicative of a wider factor facing many crypto startups today: an ever-shifting regulatory landscape. Full details of the story are for subscribers of BlockCrypto

News Desk

UNLOCK Blockchain News Desk is fueled by a passionate team of young individuals deeply immersed in the world of Blockchain and Crypto. Our mission? To keep you, our loyal reader, on the cutting edge of industry news. Drop us a line at info(@) to connect with our team and stay ahead of the curve!

Related Articles

Back to top button