Cryptanite receives MSB status in the United States
13 Dec 2018
VANCOUVER, British Columbia and ST. JULIAN’S, Malta (December 13, 2018) — Cryptanite Blockchain Technologies Corp. (CSE: NITE, OTCQB: CRBTF, FRA: 98AA) announced that, on December 13, 2018, Cryptanite Ltd, a wholly-owned subsidiary of Cryptanite Blockchain Technologies Corp., confirmed its registration with the United States Treasury Departments as a money services business (an “MSB”) in the Money Transmitter subcategory under Bank Secrecy Act regulations, which are administered by the U.S. FinCEN (Financial Crimes Enforcement Network).
The MSB status allows Cryptanite to transmit funds on behalf of customers in the United States in compliance with U.S. Treasury Regulations and, in particular, requirements of the Financial Crimes Enforcement Network (FinCEN). Since 2014, FinCEN has extended the application of the MSB requirements to virtual currencies. Therefore, the MSB status applies to both fiat and cryptocurrency payments transmitted via Cryptanite.
Cryptanite’s MSB registration underlines its commitment, which is consistent with its status as a public company, to operate its businesses in a fully-regulated, legally-compliant and transparent manner and to preventing fraud and money laundering in the cryptocurrency space. Further, all users of Cryptanite must undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) checks at the initial sign up stage, before trading on the Cryptanite platform.
Attaining the MSB registration represents an opportunity for further growth of Cryptanite’s U.S. business, building on its achievement of some significant milestones over recent months. These accomplishments include the establishment of a new subsidiary office in Malta, as well as the introduction of innovative new products such as their cryptocurrency ETF-style bundles and their Twitter sentiment analysis tool, among others.
With the MSB registration, Cryptanite is now pleased to offer its range of decentralized portfolio management tools to traders and investors throughout the U.S. Using the Cryptanite platform, customers have access to a wide range of top-performing cryptocurrencies. Retail and institutional customers can be confident that their digital assets are held within a secure and compliant blockchain-based ecosystem, with access to cutting-edge tools that help in making informed investment decisions.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). The use of any of the word “will” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.