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KeyRock's Market Maker Achieves Swiss Anti-Money Laundering Approval

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Sep 27, 2023 at 11:27 am

KeyRock, a cryptocurrency firm headquartered in Brussels, has obtained regulatory approval from a Swiss government-endorsed standards organization, as stated in an announcement released by the company on Tuesday.

This market maker, originating from Belgium, now joins the ranks of prominent crypto entities like Bitcoin Suisse and custodial service BitGo in aligning with VQF. VQF is a financial standards institution authorized by Swiss regulators to oversee adherence to anti-money laundering protocols.

KeyRock's CEO, Kevin de Patoul, emphasized the company's commitment to maintaining robust regulatory standards within the cryptocurrency sphere, stating, "Securing the VQF membership reinforces Keyrock’s stance on upholding rigorous regulatory standards within the crypto space. Our focus remains steadfast on ensuring both compliance and trust in our services."

Earlier this year, de Patoul announced his relocation to Geneva, while affirming that the company's headquarters would continue to be in Brussels, Belgium. Despite the challenges posed by the turbulence following the collapse of the FTX crypto exchange late last year, KeyRock managed to secure $72 million in funding. Presently, the company asserts its operational presence in over 85 exchanges, spanning more than 400 markets.

VQF boasts the distinction of being the largest and most established self-regulatory organization in Switzerland, sanctioned by the financial regulatory authority FINMA to oversee the enforcement of anti-money laundering statutes.

Read more: Belgium Bans Privacy Coins: Binance Takes a Stand on Regulatory Compliance

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