There are many cryptocurrency service providers out there and as a user, you have the responsibility to choose the one that will most meet your need. In most cases, users are focused on the features and cost-effectiveness. They overlook the most basic factor to consider – the legal standing of the service provider.
Many service providers including exchanges are unlicensed by the local authorities hence operate illegally. Cases of the operators of such cryptocurrency service providers have hit the headline several times. The latest notable case is an Ontario man, Hugo Sergio, who pleaded guilty for running an unlicensed exchange for two years (2018-2020), exchanging around $13 million. When the government cracks on these illegal trading, investors suffer the greatest loss.
PrivaFund exchange company, PrivaXchange OU, has acquired the full license for cryptocurrency services in Estonia. The license that the company has obtained is governed by the Estonian financial authorities. Other services connected to PrivaFund such as the wallet system are offered by the PrivaXchange OU hence covered under the license. The license will be issued at the beginning of March 2021.
The parent company, the PrivaFund tech company – PrivaFunds Capital Management Ltd. is based in the United Kingdom and is legally operating as a financial management company. There is nothing to fear for when it comes to the legal standing of the company.
What is coming?
Even though in the latest development, PrivaFund has focused on developing an efficient ecosystem to provide quality cryptocurrency services to the users, the company has not forgotten the need for a system offering effective fiat currency services. This can be seen in the PrivaXchange OU that has an inbuilt Neteller and Skrill accounts to enable easy deposit and withdrawal of fiat currency.
The company is planning to launch an exchange for internal fiat trading. Users will be able to trade fiat currency within the exchange. Later, traders will be able to switch from fiat to cryptocurrency.
What does the future look like?
It is less than two years since the idea of the PrivaFund cryptocurrency service provider was conceived yet the project has made quite remarkable progress. Currently, traders can enjoy some of the unique yet effective trading services. However, the company is still developing and is focused to remain on a solution-oriented path. The company is fully focused to make its vision, as laid out in the Whitepaper, a reality. We expect more products and adjustments to meet the progressive interest of the needs of the community. Join PrivaFund today and be part of this amazing growth.