To say 2022 was a crazy year is an understatement. We have to look back and reflect over the mistakes made by the industry. Starting from 3AC to FTX. Their insolvencies and straight-out fraud will leave a lasting mark on the crypto community. We are now seeing regulators persue aggressively the biggest players and rush to introduce new regulations. Companies such as Binance getting cut from their banking.
This landscape requires versatility, flexibility and uncompromising corporate governance. The lessons from 2022 are many and they have made it clear that compromises with corporate governance and compliance cannot be made. This had lead us to "step up" our game so to speak and to take immediate actions that aim to help us both inspire trust in our client and help the company grow.
We are pleased to announce that we have :
Started the regulatory processes in two different jurisdictions, upon approval (hopefully), we will operate the new entities via different internal domains, however, we plan to allow our SVG entity to remain operational as a Crypto-to-Crypto only platform. That being said we will start tightening policies for clients that are not fully verified. Effective immediately we are lowering the Level 1 withdraw limit to match the FATF crypto travel rule of $3,000. Certain features of our platform will be available only to fully verified members, such as access to our trading platform - cTrader.
Focus of our business with the newly created entities, upon approval, will remain the MENA region. However, we plan that once MiCA 2 is introduced and set into law in 2024/2025 to start a regulatory process for a license in Malta. We have been in touch with the regulators over there and we have been very encouraged at our options.
We also expect to open our new physical office in Dubai within the year. We will make sure to update you when the office is open and we will be able to take appointments with clients.
We want to thank all of our clients over the last three and a half years. We are greatful to see that we have built a loyal base that isn't based on numbers but on trust in us. Trust we have built by offering uncomrpomising support and always taking a client first approach, rather than company first approach. Many people have been skeptical about XBTFX since day one, however, through our hard work we were able to become a recognized brand - without - any marketing, phone calling or misrepresntation of risk involved.
We are humbled and we wish to thank you all that put your trust into us.