Bittrex International is launching a digital trading platform that will feature a “streamlined” token approval process and focus on international customers, the company’s blog revealed Monday, Oct. 29.
As per the release, new tokens will be approved and listed on the platform “within weeks instead of months.”
The new platform will operate within the regulatory framework established by the E.U. and Maltese Government, using Malta’s Virtual Financial Assets Act (VFA) in particular. In 12 months the company is planning to apply to the Malta Financial Services Authority to become a regulated virtual financial asset exchange.
Previously branded Bittrex Malta, the exchange stated that trading will be available for customers from all countries except for the U.S., stating “[c]urrent and new U.S.-based customers will continue to use Bittrex.com and will not have access to international markets.”
Bittrex is an American cryptocurrency exchange founded in 2013. As of press-time, the exchange is ranked 43rd in terms of daily trade volumes, according to CoinMarketCap.
In September, Bittrex invested in Malta-based blockchain company Palladium, acquiring a 10 percent stake.
In August, Bittrex became one of the members of “Virtual Commodity Association Working Group” — a self-regulatory association for digital assets, such as cryptocurrencies. The organization was planning to “be a precursor to the formation” of self-regulatory activity for digital currencies.