24 Exchange, an over-the-counter (OTC) crypto and forex platform, announced Wednesday that it has submitted parts of its Form 1 application in draft form with the U.S. Securities and Exchange Commission (SEC) to apply for a license to operate the national stock exchange. According to the press release, the company completed its first physical cryptocurrency trading in September under the Bermuda Monetary Authority’s Class T Digital Asset Business License.
24X National Exchange LLC, the company that applied for the license, is seeking to operate an exchange that will allow trading in US stocks. “If approved, this new US stock exchange will enable any retailer to benefit from the proven stability, strength, and cost-efficiency that only the 24 Exchange platform can provide. We have designed this new exchange to provide retailers anywhere in the world access Growing into 24-hour US stock trading and with low trading fees which is the hallmark of our company.We believe it will help create new business opportunities for brokers to meet the need for 24/7 staff.As we expect lower minimum increases in stocks We have large numbers of retail participants from all over the world,” commented Dmitry Galinov, CEO and Founder of 24 Exchange.
The Securities and Exchange Commission does not have a specific timeline for reviewing and approving the Form 1 application from 24 Exchange, which it is expected to release for public review soon. The company also expects to offer crypto derivatives trading capabilities with non-deliverable futures contracts (NDFs) in BTC and ETH “in the coming months.”
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Bermuda license
“Traders are most at risk when the market is closed in their geographic location. 24 Exchange will eliminate this problem by offering 24/7 retail trading in US stocks across all global markets. This new national stock exchange is being set up by a management team He has proven experience in building a number of leading and successful trading platforms for a range of asset classes. We are confident that the 24 Exchange platform will be able to offer an unparalleled range of benefits to US retail equity traders wherever they are,” said Paul Adcock, Head of Equities at 24 Exchange.
In July, 24 Exchange obtained a Class T digital asset business license from the Bermuda Monetary Authority (BMA) and plans to open cryptocurrency trading services to institutions.
