Categories: Bitcoin Business

Riot Blockchain Set to Launch Regulated U.S-Based Crypto Exchange

Click here to view original web page at smartereum.com

According to reports, Riot Blockchain is looking to launch a U.S based regulated crypto exchange.

The U.S based publicly traded company has faced regulatory issues in recent months. This is as a result of a sudden pivot to the Blockchain. Per the report, the U.S Securities and Exchange Commission (SEC) received a filing from Riot Blockchain this Friday. According to the filing, the new regulated crypto exchange will be called RiotX. The new entity will develop three major services including trading, banking, and a digital wallet.

Bitcoin (BTC) Price Today – BTC / USD

Riot Blockchain Shifting After About 20 Years in the Biotech Sector

The application for a new regulated crypto exchange by Riot Blockchain follows the DLT firm’s change in business goals after nearly two decades in biotech. The shift began when the company rebranded from Bioptix to Riot Blockchain. Shifting its focus to crypto mining as of October 2017. Riot Blockchain subsequently acquired a crypto brokerage revealing that it planned to create an exchange in March of 2018.

It should be recalled that the company was subpoenaed by the Securities and Exchange Commission one month later after its sudden shift to the Blockchain business model. This resulted in a stock price hike, giving rise to the SEC’s decision to subpoena the company.

Riot Blockchain Changed Board of Directors From 2018 to Date

Beginning from 2018 to this day the company has changed its board of directors, starting with its CEO’s resignation.

In the SEC filing, that became public knowledge on March 14, Riot Blockchain explains that its new exchange will be handled by RiotX Holdings Inc, a subsidiary of the company. It added that the game goal remains Bitcoin (BTC) mining.

As for RiotX’s banking services, Riot Blockchain says it is going to launch an API. The API will be created by software solution SynapseFi. It will allow users the ability to create accounts that are connected to fully accredited banking institutions in the United States. This will allow them the ability to hold and transfer fiat or cryptocurrencies.

The API is also designed to track the location and complete the identification of users “to prevent fraud and the improper use of the RiotX exchange.” This includes using the service in states where crypto trading isn’t legalized. It points toward a restricted range of users to start with.

RiotX to Collaborate With Shift Markets for Future Trading Services

According to Riot Blockchain in the registration:

“SynapseFi’s API is meant to allow the company to know where users are when accessing RiotX. Enabling the company to stop a user from Montana, a state that permits the exchange of cryptocurrencies, from traveling to a neighboring State like Wyoming, where exchange of digital assets is prohibited, meaning using RiotX in a prohibited area.”

Regarding its upcoming trading services, Riot Blockchains extension, RiotX work with exchange software solutions Shift Markets. The company terminated its contract with the Canadian crypto exchange Coinsquare as a result of the 2018 SEC investigation.

The firm hopes that RiotX will exclusively operate in the U.S. In all states except Hawaii and Wyoming. As of the time of the registration, the company claims to have approval in five different states in the country.

The U.S based publicly traded company has faced regulatory issues in recent months. This is […]

cinerama

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Share
Published by
cinerama

Recent Posts

Binance Coin Outlook For September 2019

SummaryBinance continues to be the number one crypto exchange throughout 2019, and BNB, its native token, has established itself as… Read More

1 hour ago

Johnstone: Biden’s Brain Is Swiss Cheese And It’s Creepy That We’re Not All Talking About It

Authored by Caitlin Johnstone via Medium.com, I didn’t watch the last Democratic presidential primary debates because I figured that without… Read More

1 hour ago

Will Bitcoin Mining Confidence Cause A BTC Price Spike To $28k?

Data from blockchain.com shows Bitcoin’s hash rate is at all-time-high. Last week, it peaked at 98.5 quintillion hashes per second.… Read More

1 hour ago

Bitcoin Mum despite Saudi Attack Raising Demand for Haven Assets

Bitcoin appeared stuck in a price-range on Monday as attacks on Saudi Arabia’s oil facilities raised concerns over global energy… Read More

1 hour ago

Bitcoin-Pumping Wealth Advisor Licks Chops Over Fed Meeting

A $10 billion wealth advisor predicts the next Fed rate cut will launch the bitcoin price to a new yearly… Read More

1 hour ago

High Throughput Blockchain Velas Lists on Leading Cryptocurrency Exchange BW.com

ZUG, SWITZERLAND / ACCESSWIRE / September 16, 2019 / Velas AG, the developer of the AI-powered DPoS blockchain of the… Read More

1 hour ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More