On April 27, 2020, digital currency trading platform LongBit, announced that it had been granted its MSB license by the relevant regulatory authority, and awarded certification as an outstanding representative company by the government of the United States, licensing it to conduct business including digital asset swaps, remittance services and digital asset trading in the United States, and representing a step forward in LongBit’s global compliance.
Official Recognition of LongBit’s Strength
MSB is the abbreviation for Money Service Business, which is licensed under supervision of FinCEN (a bureau of the United States Department of the Treasury).
For investor protection reasons, the United States Department of the Treasury and Securities and Exchange Commission consider application for and issuance of the MSB licensing critical, emphasizing as early as 2018 that any party engaging in MSB must apply.
LongBit’s successfully application for an MSB license demonstrates that the company has undergone the same strict inspection undergone by US legal and financial sector companies, and obtained authoritative approval from the Department of the Treasury, representing broad recognition from investors worldwide, bringing LongBit into the circle of first-class, global brands.
Successful Initiation of a Global Strategic Blueprint
Since its foundation, LongBit has aimed to build a safe, stable, transparent and fair global digital assets trading platform, in order to provide global customers with more liquid, higher performance, more convenient digital currency trading services, and allowing provision of investment bank consultancy services through the entire chain of relevant projects. At present, LongBit is serving customers in 118 countries and regions worldwide, and has provided secure services to over 1 million customers.
LongBit sees obtaining an MSB license as a means by which it can provide diversified services, including currency exchange etc., in the United States, and thereby better meeting customers’ demands, but it also views this as merely an initial milestone in implementing its global strategic blueprint: In future, LongBit plans to extend its business to increasing numbers of countries and regions.
“Digital currency already represents a national strategy, and our possession of strengths obliges us to leverage them in response to this call, to actively roll out our services in the global market, creating a strong ecosystem for global digital trading”, LongBit spokesperson commented.