Australia’s Regulated Crypto Exchange to Launch Ripple (XRP) Trading
July 5, 2018 1:10 pm
Sydney-based crypto exchange Independent Reserve is reportedly allowing support for Ripple (XRP), the world’s third largest digital currency by market cap after Bitcoin and Ethereum. With the launch of trading on 7th July, the exchange is offering to trade to both retail investors through its exchange and institutional customers via over-the-counter trading.
The crypto exchange currently offers fiat trading pairs between USD, NZD, AUD, Bitcoin Cash, Litecoin, and Ethereum.
In Statement, Independent Reserve chief executive Mr. Adrian Przelozny described his reasons for adding Ripple to the exchange, saying:
“There is a vast universe of cryptocurrencies out there now, but to be listed on Independent Reserve they need to meet a range of criteria including quality, stability and volume metrics. Our clientele has been asking XRP, and we felt this timing was right to offer it to them.”
The exchange is starting Ripple trading on Saturday, allowing users to buy XRP with USD, NZD, and AUD. The exchange platform further facilitates crypto trading pairs, enabling for trading between trading between XRP and Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum’s Ether (ETH).
In Apri 2018, Independent Reserve became Australia’s first regulated digital currency exchange after legislation passed late last year allowed the Australian Transaction Reports and Analysis Centre (AUSTRAC) to monitor domestic digital currency exchanges.
The regulatory mandate, which requires compliance to meet counter-terrorism financing and anti-money laundering (AML/CTF) obligations, client record keeping and flagging suspicious transactions including all cash transactions above AUD 10,000, came into force on April 3.
On the same day, Independent Reserve revealed it had gained approval from AUSTRAC to become Australia’s first digital currency exchange to comply with the mandated rules.
Meanwhile, CEO Adrian Przelozny said:
“We have been lobbying for increased regulation since we opened for business in 2014.”
“We passionately believe that the crypto economy will and should become just another part of the mainstream economy. For that to happen, cryptocurrency needs to be regulated just like any other asset class.”