Riot Blockchain To Launch New Regulated Crypto Exchange 'RiotX' Under SEC Soon.

Riot Blockchain To Launch New Regulated Crypto Exchange 'RiotX' Under SEC Soon.

2019-03-16 | Selina Mathew

Riot Blockchain To Launch New Regulated Crypto Exchange 'RiotX' Under SEC Soon.

In line with recent official 'documents' revealed, U.S. based firm Riot Blockchain has filed with the SEC [Securities and Exchanges Commission] to launch a new regulated crypto exchange referred as RiotX within the U.S. by the end of this year.

The company revealed within the filing that its subsidiary, RiotX Holdings Inc., would operate the new crypto exchange. Moreover, the exchange’s banking services would be handled by an API [Programming Interface] made by software firm named ‘SynapseFi’.

The API is planned to, among alternative functions, function as a security improvement by tracking user locations so as to stop fraudulent use of the service. For example, improper use would include the employment of the exchange in U.S. member states where it's not allowed, more precisely Wyoming & Hawaii.

RiotX users would be allowed to create accounts connected to authorised banking establishments within the U.S., and transfer and hold both fiat and 'cryptocurrencies'. As per the filing, the exchange would also be collaborating with exchange software supplier Shift Markets.

As 'reported' earlier in Aug. last year, the 'SEC' had escalated its investigation into cryptocurrency mining firm Blockchain Riot, that first came to the regulator’s 'attention' in April last year.

The SEC’s investigation and subpoena info request began when Riot Blockchain changed its name to incorporate blockchain at the peak of business hype, and shifted their focus from biotechnology to mining. The regulator had antecedently noted that corporations that 'changed' their name to include 'blockchain' would face exaggerated scrutiny.

Even earlier, Long Blockchain Corp., previously referred to as Long Island Iced Tea, a publicly listed company that shifted from its beverage production business to cryptocurrency 'mining'. As of the start of March, Long Blockchain Corp. also 'sell’d' their beverage businesses, quite more than a year after their name change.

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