- Keyrock has received regulatory approval from the Swiss Financial Services Standards Association (VQF) for compliance with the Swiss Anti-Money Laundering Act (AMLA).
- This approval enables Keyrock to expand its OTC crypto services globally, including the introduction of new fiat on-ramp and off-ramp options supporting over ten additional currencies, such as GBP and AUD.
KeyRock, a Belgian cryptocurrency market maker, has received approval from the Swiss Financial Services Standards Association (VQF).
On 26 September, Keyrock announced that the company had received accreditation from the VQF, a recognized financial standards body sanctioned by Swiss regulatory authorities for verifying compliance with anti-money laundering (AML) standards.
This approval comes after Keyrock demonstrated compliance with strict anti-money laundering (AML) regulations established by the Swiss Financial Market Supervisory Authority (FINMA), allowing the company to operate in Switzerland.
Keyrock’s compliance was confirmed following an exhaustive examination of its internal controls, processes, and procedures, assuring consistency with AMLA criteria. This success demonstrates Keyrock’s dedication to reaching the rigorous criteria set by VQF, one of Switzerland’s most prestigious self-regulatory bodies.
VQF’s support demonstrates Keyrock’s commitment to transparency, integrity, and accountability and helps build confidence and reputation among its users. Furthermore, Keyrock’s involvement with VQF represents the company’s proactive attitude to regulatory problems, emphasizing responsible progress within the industry.
Kevin de Patoul, Chief Executive Officer of KeyRock, said, “Securing the VQF membership reinforces Keyrock’s stance on upholding rigorous regulatory standards within the crypto space. As the landscape evolves, our focus remains steadfast on ensuring both compliance and trust in our services.”
The Belgian market maker joins other crypto businesses that have registered with VQF, including Bitcoin Suisse and custodian BitGo.
Keyrock is Expanding its OTC Offerings While also Enhancing the Web3 Ecosystem
Following its licence to operate in Switzerland, the Belgian market maker has also announced ambitions to expand its over-the-counter (OTC) trading desk. This expansion will include the provision of fiat on/off-ramp services for more than ten currencies, including GBP, besides the existing USD and EUR pairs.
The OTC trading desk provides a more personalized approach to asset swaps, allowing parties to communicate directly. This service leverages significant liquidity that traditional exchanges cannot provide and is especially suitable for large trade execution.
Furthermore, OTC trading can reduce counterparty risk when transactions include two Know Your Customer (KYC)-compliant businesses.
Keyrock’s General Counsel, Reza Ghadiri-Zare, stressed the benefits of this expansion, adding: “We are steadfast in our commitment to offering a specialized OTC solution enriched with a variety of currency options, reflecting our essential belief in flow diversity.”
This announcement emphasizes Keyrock’s commitment to providing top-tier service, distinguished by tight spreads and speedy 24/7 settlements, now across a broader spectrum. Keyrock will be able to expand its service availability to other geographical regions when the OTC desk’s currency offers are extended.
“As Keyrock continues to expand its activities into new jurisdictions, this milestone confirms our commitment to engage with regulatory authorities globally to align our operations with the highest level of compliance requirements.”
Despite the failure of the FTX exchange in late 2022, Keyrock has successfully raised $72 million in investment. Currently, the corporation trades on over 85 exchanges in over 400 markets. The aftermath of FTX’s bankruptcy, a key event in the crypto industry, had a ripple effect on other market makers.
Despite this, Keyrock was able to put up with and secure funds in a Series B round. This money was supposed to go into infrastructure development, scaling tools, and regulatory licenses in Europe, the United States, and Singapore.
