ioqtrade.com received a BitLicense from USA what confirms legitimacy of their performance on the market.
BitLicense is the common term used for a business license for virtual currency activities, issued by the New York State Department of Financial Services (NYSDFS) under regulations designed for companies.
The regulations define virtual currency business activity as any one of the following types of activities:
- receiving virtual currency for Transmission or Transmitting virtual Currency, except where the transaction is undertaken for non-financial purposes and does not involve the transfer of more than a nominal amount of virtual currency;
- storing, holding, or maintaining custody or control of virtual currency on behalf of others;
- buying and selling virtual currency as a customer business;
- performing Exchange Services as a customer business, or;
- controlling, administering, or issuing a virtual currency.
The two following activities are excluded from the definition of virtual currency business activity:
- development and dissemination of software in and of itself;
- merchants and consumers that utilize virtual currency solely for the purchase or sale of goods or services or for investment purposes.
Licensing of the activities of cryptocurrency exchanges or cryptocurrency exchangers
Despite the protracted falls of cryptocurrencies in the first half of 2018, the number of crypto enthusiasts and crypto businessmen continues to grow steadily. One of the most profitable areas of activity in the crypto industry remains the opening of cryptocurrency exchanges, which, depending on the exchange device itself, allow you to exchange different cryptocurrencies for each other, or exchange cryptocurrencies on inclusive funds. For the legitimate use of such use, the activity of a cryptocurrency exchange is mandatory!
Only at the beginning of 2022, more than 22 new cryptocurrency exchanges were discovered in the world. includes a similar set, our company includes a brief description of the main activities for the exchange of cryptocurrencies, requirements for company registration and so on.
The license was granted after a review about ioqtrade.com anti-money laundering, capitalization, consumer protection and cybersecurity policies, according to a statement provided to CoinDesk by the NYDFS