Crypto startup Diginex has launched a cryptocurrency exchange ahead of its Nasdaq listing which has already been approved by the U.S. Securities and Exchange Commission (SEC). The new exchange is based in Singapore where Diginex has applied for a license.
Diginex Set to List on Nasdaq
A cryptocurrency exchange operator, Diginex, is set to list on the Nasdaq exchange in September, Diginex CEO Richard Byworth confirmed to Reuters on Wednesday. The listing is expected to be made through a $300 million reverse merger with the acquisition of 8i Enterprises Acquisition Corp., a Nasdaq-listed company. Citing Byworth, the publication conveyed:
The deal has already received SEC approval … the effective listing date should be in mid- to late September.
Diginex said on Thursday that it has launched a cryptocurrency exchange in Singapore where it has applied for a license, even though much of its business is in Hong Kong. The new platform, Equos.io, offers cryptocurrency spot trading and complex derivatives products.
Singapore has recently tightened its oversight of the crypto industry. The country’s new payments rules require cryptocurrency companies to be licensed. Reuters detailed that over 150 cryptocurrency companies that were previously operating in Singapore, including Diginex, have had to apply for licenses by July 28. The strict regulation aims to comply with the standards set by the Financial Action Task Force (FATF). This week, Japanese crypto exchange Liquid delisted 29 cryptocurrencies in order to comply with Singapore’s new crypto requirements, as news.Bitcoin.com recently reported.
Hong Kong has an opt-in licensing regime for cryptocurrency exchanges but does not allow the trading of derivatives products. Its top markets regulator said cryptocurrency futures contracts may be illegal, Byworth explained, adding that “Singapore was a bit more flexible in the way that they were thinking about things.”
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