Apifiny, the digital asset trading network that recently entered into the mining business, has received a United States broker-dealer license from FINRA for its fully-owned subsidiary Apifiny Prime, the company announced on Thursday.
With this regulatory acknowledgment, Apifiny has joined the ranks of top exchanges like Coinbase, Gemini, eToro and Circle. However, the broker-dealer license does not allow companies to start retail operations in the country.
As Apifiny explained, the FINRA broker-dealer licenses will allow the company to make private investor placements on behalf of its customers and provide its customers with additional financial products.
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Business Is Booming
Apifiny connects to the global cryptocurrency exchanges and offers a single market window to professional traders. It facilitates access to foreign crypto exchange for US-based traders and claims to offer the best available pricing globally across connected exchanges.
The company is aggressively expanding its operations and is also planning to go public. Moreover, demand for its services skyrocketed in the recent months with a 4x increase in monthly trading volume from September through March, reaching almost $1.4 billion.
Commenting on the broker-dealer status, Apifiny’s Chief Executive, Haohan Xu said: “As we accelerate our product development, partnerships, hiring and overall growth toward a public offering, securing this first phase of our broker-dealer license is a major milestone.”
“This new license will allow us to better serve innovative crypto startups seeking capital and is another point of validation that we’re well-positioned to capture an enormous market opportunity in global digital asset trading. The license granted to Apifiny by FINRA also demonstrates the strength of our internal controls and compliance.”