The National Currency Exchange (NCX AU) has received registration from Australian regulator AUSTRAC, making the exchange one of the earliest organisations to complete the registration process.
Following legislation which mandates federal government regulation of all Australian digital currency exchanges, registration with AUSTRAC will become compulsory.
Registration requires digital currency exchanges to adopt and maintain an anti-money laundering and counter-terror financing program, report suspicious matters and threshold transactions to AUSTRAC, as well as keep records relating to customer identification and transactions.
Discussing the registration NCX AU Chief Executive Officer Tommy Shin said the exchange will continue to provide leading digital currency exchange services.
NCX is one of Australia’s early movers in the cryptocurrency space, establishing a reputation for open, secure digital asset trading,” he said.
“Having been fully-registered with AUSTRAC NCX AU will continue to focus on providing digital currency services through our advanced security technology, which is a key differentiator from other exchanges.
“NCX places a high priority on integrity and responsibility, with these values deeply embedded at our organisation’s core.” he added.
NCX AU offers trading services in popular cryptocurrencies, such as Bitcoin, Ethereum, Litecoin and Bitcoin Cash, with further cryptocurrencies and upcoming ICO’s to be added later this year.
The exchange is backed by a Perth-based 30-year-old technology company, providing expertise to securely manage infrastructure and develop customer engaging mobile applications.