GLEEC Exchange Gets Regulatory Approval From Estonia's FSA

GLEEC Exchange Gets Regulatory Approval From Estonia's FSA

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Image source: GLEEC

Cryptocurrency exchange and broader digital asset ecosystem GLEEC BTC has just received a license to provide its services in Estonia. The approval is the platform's ninth from global financial regulators, making the Eastern European nation the eighth jurisdiction to greenlight GLEEC. 

Estonia joins other nations from Eastern Europe, as well as those from the Middle East and Latin America that have approved GLEEC. Along with its growing list of advanced features, such regulatory approvals position the platform well to become one of the industry's most respected.   


GLEEC approved to operate in Estonia

Estonia has become the eighth jurisdiction to approve the GLEEC crypto ecosystem to operate. A post on the nation's Finantsinspektsioon — or Financial Supervisory Authority — website explains the services the platform can now legally provide. They include the distribution of electronic money, the redemption of electronic money, remittance payments, and services enabling deposits and withdrawals to and from payment accounts. 

According to a report in Finance Feeds, Daniel Dimitrov, GLEEC's founder and CEO, stated

"The company is constantly [working] to attain global regulatory approval. We aim to create a crypto ecosystem with a balanced regulatory framework."

GLEEC is a less established name in the crypto industry, but its commitment to obtaining licenses suggests that it aims to change that. Along with its efforts on the regulatory front, the platform has been adding several innovative features that set it in the same league as many of the space's better-known platforms. 

GLEEC's flagship product is its exchange. It supports more than 100 crypto assets, including the industry's most popular — like BTC, ETH and XRP — and more niche offerings like privacy coin XVG and GameFi ecosystem token GALA. These trade against euros, BTC, USDT and the company's native ecosystem token, Gleecoin. 

Gleecoin is a Komodo Smart Chain-deployed asset with a maximum supply of 210 million. The token can be used as a medium of exchange via GLEEC's Visa payment card and provides other benefits to platform users. 


Estonia becomes the latest jurisdiction to license GLEEC

As mentioned, the Estonian license to operate is GLEEC's ninth to date, and the nation has become the eighth to greenlight the platform. Other jurisdictions in which GLEEC is approved by financial regulators include El Salvador, Poland, Lithuania, Slovakia, Dubai, Canada and Ukraine. 

Each license permits GLEEC to offer slightly different services. For example, those obtained in Dubai, El Salvador, Poland, Lithuania and Slovakia enable the company to provide crypto-only services, such as trading and digital asset custody.

Meanwhile, Canada's FINTRAC — the Financial Transactions and Reports Analysis Centre — approved the British Colombia-based company as a money services business. This means that GLEEC can engage in foreign exchange, issue and redeem money orders, transfer money and deal in crypto assets. Similarly, Ukraine's regulators approved the platform as an electronic money institution, effectively granting it a banking license. 


Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice

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