Portofino Technologies Obtains FCA’s Approval to Offer Crypto Services
Portofino Technologies has announced that its UK entity received the regulatory permit to act as a registered crypto asset firm.
In a new release, the company stated that its UK subsidiary has been listed as a crypto asset by the Financial Conduct Authority (FCA).
Portofino Technology will expand its services as it is now able to trade cryptocurrencies with institutional clients. The company hinted at an expansion of the institutional client base resulting in the approval.
This development secures Portofino’s place as a company registered to offer OTC services in Switzerland and the UK. The move is also part of the company’s plan to ensure compliance in regulated markets globally.
The unfortunate events recorded in the sector led to authorities rolling out tougher rules in both institutional and retail markets. Firms must obtain the regulatory nod after fulfilling several requirements and disclosures before they can afford cryptocurrency-related services.
This is to protect investors and the financial market from fraud cases and prevent losses in the market. Portofino Technologies is a Switzerland-based firm that provides crypto trading infrastructure in the market.
Last year, the company announced a $50 million investment to build financial technology to power crypto assets.
“Two former Citadel Securities leaders, Leonard Lancia, and Alex Casimo, have launched Portofino Technologies and have raised over US$50 million in equity funding from Valar Ventures, Global Founders Capital, and Coatue,” the press release read.
Portofino’s executives have expressed optimism and confidence with the recent regulatory milestone going into the UK market.Alex Casimo, the co-founder and Chief Operating Officer stated that the firm can expand
