If we had a dollar for every time someone asked about compliance, we wouldn’t need any customers. Compliance is important for the financial services sector, and for XOV, because it inherently provides a degree of trust and confidence that the organisation you have an account with provides some level of protection for you and your investment. Exchanges or trading platforms that offer zero compliance with regulations are potentially at risk of being closed down or sanctioned — bad news for you and your money. Anonymous trading and laundering of money is great if you want to risk losing it all overnight.
Firstly, and lets get this out of the way, XOV does not give its customers investment advice. Any transactions made are done on a execution basis only, and we make no assessment as to the suitability of any of our products for individuals. Some products and services will only be available to eligible accountholders.
The digital assets that our customers will be able to view and use depend on their account status. We are not allowed to offer securitised or investment products in any jurisdiction where it would be unlawful, however, other digital assets will be available to everyone aged over 21. This is how it works in the grown up world, where money is at stake.
XOV is fully committed to attaining full compliance with regulatory environments- a commitment we take seriously. Many blockchain projects are viewed as risky and operating in the shadows, and in this trustless environment, we offer trust, stability and confidence.
We are open and proactively working with others to provide financial compliance. This activity will increase and improve over time. For many months we have been working with Blockpass around KYC/AML compliance, and this continues to be the case for future versions of our retail product.
XOV has been in contact with the UK’s Financial Conduct Authority and has given them an overview and specification of our retail product. We are delighted to receive written confirmation from them that we are currently not within the remit of the UK regulations and are therefore not at risk of breaching any UK regulations, and by implication operating compliantly. As we introduce more complexity to our retail product including FIAT gateways and complex investment products, this situation may change, but we continue to maintain a good relationship with the FCA, and will always strive to meet their high standards and requirements. This commitment and confirmation from the FCA gives our investors and customers confidence that our business is sustainable now and in the future.
As part of our commitment to be compliant, we will identify our customers, make our customers aware of any risks in using our products and services, and comply with UK legislative and regulatory frameworks.
XOV is registered as a data controller in the UK (A8407518) for the purposes of recording personal data and has developed policies to protect its customers from the risk of data loss. XOV will comply with the data principles set out in the EU GDPR.
XOV is a registered trade mark (UK00003307263) in the financial services and banking sectors.
So, we hope that any concerns around regulatory compliance have been addressed here. Unfortunately, the dark side of the blockchain sector has a few bad actors, of which we will not participate, and in order to develop and sustain valuable relationships with the traditional financial services and banking sectors, this will never change. We will continue to register, protect and comply.