International mining and digital asset trading network Apifiny has recently announced that US regulator, FINRA, has granted a broker-dealer license to its subsidiary firm, Apifiny Prime. The significant governing recognition means that Apifiny will join Gemini, Coinbase, Circle and eToro as one of the top exchanges on offer. However, it must be noted, however, that this broker-deal license does not permit the company to commence any retail transactions in the US.
Ever-expanding and with plans to go public in the near future, the rapidly growing firm will now be able to conduct investor placements on a private basis on the customers’ behalf and provide its clients with a much broader range of financial products. According to the company’s Chief Compliance Officer, gaining the Financial Industry Regulatory Authority (FINRA) license was a long process, with significant due diligence required alongside the hindrance of the COVID-19 pandemic.
Haohan Xu, CEO of Apifiny, 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.
Apifiny is able to connect to worldwide cryptocurrency exchanges, working to provide a single market opportunity to its professional trade clients. Not only does the company claim to offer the most competitive prices internationally and spanning connected exchanges, but it also helps to facilitate US-based trader access to overseas crypto exchanges. Demand for Apifiny’s services has increased dramatically throughout the past few months. The company has seen an increase by around 4x in monthly trading volumes, reaching nearly $1.4 billion from September 2020 through March of this year.
A majority of the crypto, as mentioned earlier, firms have in the past set out a goal of recreating the cohesive white-glove offerings which are often expected from investors in the more traditional areas of the sector. Yet, Apifiny’s CEO has stated that the company is more interested in turning its focus towards trade execution.
Haohan Xu added:
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.
