Belgian Crypto Market Maker KeyRock Receives Approval from Swiss Financial Services Standards Association (VQF)
KeyRock, a Belgian crypto market maker, has obtained clearance from the Swiss Financial Services Standards Association (VQF). This approval was granted on September 26 after KeyRock demonstrated its compliance with anti-money laundering (AML) standards set by the Swiss Financial Market Supervisory Authority (FINMA). The evaluation of KeyRock’s internal controls and procedures confirmed its alignment with AMLA guidelines.
The endorsement from VQF highlights KeyRock’s commitment to transparency, integrity, and accountability, enhancing trust among its users. It also showcases the company’s proactive approach to regulatory matters.
“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,”
– Kevin de Patoul, CEO at KeyRock
KeyRock joins other crypto firms such as Bitcoin Suisse and BitGo in registering with VQF.
Keyrock Expands OTC Services and Enhances the Web3 Landscape
With approval to operate in Switzerland, Keyrock plans to expand its over-the-counter (OTC) trading desk. The expansion includes offering fiat on/off-ramp services for more than 10 currencies, including GBP, in addition to USD and EUR pairs.
The OTC trading desk provides a customized approach to asset swaps and allows direct interaction between parties. It offers substantial liquidity that traditional exchanges cannot provide and is ideal for executing large trades. OTC trading also reduces counterparty risk when transactions involve two KYC-compliant entities.
“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,”
– Reza Ghadiri-Zare, General Counsel at Keyrock
This expansion demonstrates Keyrock’s dedication to delivering top-tier service with narrow spreads and rapid settlements. The broader range of currency options will enable the company to serve customers in different geographical regions.
“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,”
Hot Take: KeyRock Overcomes FTX Fallout and Secures $72 Million Funding
Despite the collapse of the FTX exchange in late 2022, KeyRock has successfully secured $72 million in funding. The company currently operates on more than 85 exchanges across over 400 markets. This funding will be used for infrastructure development, scalability tools, and regulatory licensing in Europe, the United States, and Singapore.
KeyRock’s ability to weather the storm caused by FTX’s bankruptcy showcases its resilience. The company’s commitment to regulatory compliance and dedication to expanding its services globally position it as a key player in the crypto market.
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