According to a statement released by the firm recently,KeyRock has obtained regulatory certification from a government-approved standards agency in Switzerland.
The market maker, based in Belgium, has registered with VQF, a financial standards organisation authorised by Swiss regulators to verify compliance with anti-money laundering requirements. It joins organisations like cryptocurrency business Bitcoin Suisse and custodian BitGo in this endeavour.
KeyRock Chief Executive Officer Kevin de Patoul stated in a statement that securing the VQF membership “reinforces Keyrock’s stance on upholding rigorous regulatory standards within the crypto space.” “Our commitment to ensuring both compliance and confidence in our services remains unwavering.”
De Patoul stated earlier this year that the company would continue to be based in Brussels, Belgium, notwithstanding his move to Geneva. KeyRock, which raised $72 million despite the difficulties that followed the bankruptcy of cryptocurrency exchange FTX late last year, currently claims to be active in over 85 exchanges and more than 400 markets.
According to VQF, it is the biggest and oldest self-regulatory body in Switzerland and has received permission from financial watchdog FINMA to oversee adherence to anti-money laundering regulations.