BIT Crypto Exchange Completes VASP registration in Lithuania

July 09, 2023

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One of the top crypto options trading platforms, BIT Crypto Exchange has announced that its registration as a Virtual Asset Service Provider (VASP) in Lithuania has been completed successfully.

BIT Can Legally Operate in EU

Being an officially registered VASP, BIT now has the ability to legally operate transactions within the European Union or European Economic Area, offering its clientele with a more secure and transparent business environment in addition to providing a variety of crypto-related services.

In accordance with the exchange’s blog, BIT is now authorized to conduct exchanges of digital currencies and depositary wallet services.

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Users Allowed to Buy, Sell, and Trade Crypto

It is permitted to allow users to buy, sell, and trade various crypto currencies, as well as to facilitate trades between digital assets and fiat currencies or other cryptocurrencies.

Lan, Co-founder and COO of BIT noted: “Our unwavering commitment to establishing BIT as a trustworthy and compliant exchange is evident in our business practices. We firmly believe that a strong regulatory framework is essential for instilling trust and ensuring the long-term success of our platform.”

BIT Lays the Foundation for its Lithuanian Business

In addition to the completion of its VASP registration, the exchange indicated the possibility of developing the essential operational foundations for its Lithuanian firm. This entails adopting regional accounting standards and submitting financial regulatory reporting standards in compliance.

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Markedly, In August 2020, BIT was established as a spinoff from Matrixport, a significant crypto financial services company. To monitor and control the platform’s operations and undertake third-party asset custody, BIT has worked with institutional-grade custodians such as Cactus Custody, Copper, and Cobo Custody.

Expansion of Operations in the Crypto Space

As reported by TheCoinRise in May, Bitget, a derivatives crypto trading platform, successfully registered as a Virtual Asset Service Provider (VASP) in Poland. Notably, Bitget obtained access into the Polish digital asset business after obtaining a Lithuanian VASP license. Furthermore, Gofaizen & Sherle launched a full-cycle online accounting system in Lithuania in November.