Exchanges Round-Up: Aus Regulators Doubt Coinjar Volume, Paysend Partners With Bitstamp

Exchanges Round-Up: Aus Regulators Doubt Coinjar Volume, Paysend Partners With Bitstamp

In recent news pertaining to cryptocurrency exchanges, Australia’s financial regulators have expressed skepticism regarding Coinjar’s purported trade volume, Paysend has partnered with Bitstamp to facilitate cryptocurrency purchases through its Global Account, and Seed Cx has announced a $15 million USD Series B funding round.

Australian Regulators Skeptical of Purported Coinjar Volume

In response, the Australian Securities and Investments Commission (ASIC) expressed skepticism regarding Coinjar’s purported volume, with a spokesperson stating: “Tracking the actual industry is even newer than the sector itself, […] aspects of the volume of transactions can be quite opaque, and you could imagine some of the claims by participants might warrant a certain skepticism.”

The Australian Transaction Reports and Analysis Centre (AUSTRAC) appears to share ASIC’s skepticism, with a spokesperson stating: “AUSTRAC does not monitor or collect information that allows us to quantify total transaction volumes by a reporting entity or industry.”

Seed Cx Announces $15 million Series B Funding Round

Edward Woodford, Seed CX’s co-founder and CEO, stated: “As a licensed exchange for both spot and derivatives trading, we deliver the operational risk safeguards, strong institutional technology, operational support, and regulatory compliance that institutions demand. What is particularly exciting is that our unique offering brings large institutional traders, who have so far sat on the sidelines, into the crypto space for the first time.”

Salil Deshpande, Managing Director at Bain Capital Ventures, stated: “Institutions are seeking regulated, secure, and reliable crypto venues with diverse products that allow them to earn strong returns. Today, trading venues are retail focused, limited to spot trading, often unregulated, and in foreign jurisdictions. The lack of institutional exchanges is the single largest barrier to crypto asset class growth. Seed Cx is serving this unmet need of institutions and has assembled an outstanding team of executives to support this vision.”

Paysend Partners With Bitstamp to Compete With Revolut

Paysend’s head of product, Alex Murashko, stated: “We are quite different from both a technical infrastructure and consumer offering viewpoint. We own and control our own processing and this gives tremendous ability and flexibility to deliver a wide variety of services whilst controlling the entire consumer journey.”

Mr. Murashko continued: “[…] We believe in simplifying the consumer experience so that instead of feeling like they are bombarded with a long list of features they have available a focused group of benefits.”

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