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BitDATA Exchange Raises the Bar in Crypto Assets Regulatory Compliance with Its Newly Launched Trading Platform

SINGAPORE, July 5, 2021 /PRNewswire/ — BitDATA Exchange (BitEx) Singapore, a homegrown regulated crypto assets exchange, launched its online trading platform today. This provides a new avenue for crypto-enthusiasts to access a regulated and professional trading platform. The new platform serves as a bridge for traditional finance players to access crypto assets, safely and securely. BitEx is granted an exemption from holding a license under the Payment Services Act (“PS Act”) for providing digital payment token services by the Monetary Authority of Singapore (MAS).

Ken Wong, BitEx Founder and CEO, said, “This is a key milestone for us, and we are confident that BitEx will set the standards for crypto-assets trading, especially in a regulated jurisdiction like Singapore.” He elaborated, “We have taken our time in the past 12 months to develop the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) policies that support traditional finance, allowing our clients to enter into fiat-to-crypto assets trading that adheres to PS Act requirements.”

BitEx, a homegrown start-up that started in October 2019 with crypto-to-crypto trading, swiftly pivoted to the regulator’s requirements after the announcement of the PS Act by the MAS in 2020. BitEx started developing AML/CFT policies along with a stringent KYC process for all new clients. The OTC trading desk for fiat-to-crypto trading began in December 2020 as part of a structured approach to implement these policies and processes with HNWIs and institutional clients.

The two-pronged strategy for BitEx includes the OTC desk which caters to clients who require premium services with dedicated relationship managers; at the same time, the new trading platform will allow BitEx to reach wider retail clients. Ken said, “The platform is developed with our clients in mind based on learnings from our HNWIs and institutional clients. We understand the clients’ pain points with other exchanges, and we have tackled these issues head-on.”

“BitEx trading platform caters to retail investors who prefer seamless online experience. The account opening process is aligned with the regulatory requirements, and it takes less than 10 minutes. And upon approval, you can buy your first coin with us within 24 hours,” Ken added.

Since December 2020, BitEx has been actively forming collaborations with like-minded partners to educate the general public on crypto assets, including Singapore Fintech Association, ERI Core Banking System in Singapore, and SEBA Bank AG in Zug Switzerland. Guest speakers from Temasek and Samsung Electronics also participated in these outreach programmes. BitEx also curated a webinar for the members of the Singapore Chinese Chamber of Commerce and Industry. “We are proud to build such good relationships with our partners, and we aim to be a force to be reckoned in the crypto assets space in Singapore,” Ken Wong concluded.

About BitDATA Exchange (BitEx)

Your Trusted Portal for The Crypto-Asset World

Proudly founded in Singapore, BitDATA Exchange (BitEx) is built to provide an institutional-grade experience for our clients to trade crypto assets, including Bitcoin, Ethereum & Litecoin. BitEx’s purpose is to be a portal that brings together the world of crypto assets and finance for investors, traders, and crypto-enthusiasts. The BitEx trading platform is backed by cutting-edge technology to facilitate efficient high trading volume. We pay special attention to our clients by providing a user-centric portal with state-of-the-art security and a streamlined user experience. We are granted an exemption from holding a license under the Payment Services Act (“PS Act”) for providing digital payment token service by The Monetary Authority of Singapore (MAS).

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