Buying and selling 212, a preferred model providing money equities and contracts for variations (CFDs), has secured a crypto asset service supplier (CASP) license from the regulator in Cyprus.
In response to the registry of the Cyprus Securities and Trade Fee (CySEC), the CASP license was awarded to a neighborhood entity named Buying and selling 212 Crypto Ltd on 20 Could 2024. The newly shaped entity is separate from Buying and selling 212 Markets Ltd, which holds a Cyprus Funding Agency (CIF) license.
Underneath the license, the Buying and selling 212 model can supply exchanges between crypto property and fiat currencies, together with custodial providers for cryptocurrencies. Nevertheless, it’s unclear how the corporate will use the authorisation. Buying and selling 212 is but to announce something about its plans round cryptocurrencies.
![Trading 212's CASP license details in CySEC registry](https://cnews24.ru/uploads/b41/b4197d27eaf266e301112f3fb773adfab822844e.jpg)
Buying and selling 212’s CASP license particulars in CySEC registry
A Main Retail Buying and selling Model
Buying and selling 212, established in Bulgaria in 2004 as Avus Capital and included within the UK in 2013, primarily focuses on the UK and the European Union. It generates income from three entities: one within the UK and two in Cyprus and Bulgaria, respectively. Now, it has one other Cypriot entity beneath which it might supply crypto providers. It closed down a German entity in 2022 and migrated the shoppers’ funds to the UK and the Cypriot entity.
The UK unit of the brokerage reported a 3 p.c income decline to £95.3 million in 2023, whereas the pre-tax income dropped by 28 p.c to £38.6 million. The European revenue-generating entities are but to publish their figures for 2023; nevertheless, the non-UK entities generated annual income of £16.2 million in 2022, dropping from £44 million within the earlier yr.
Though Buying and selling 212’s choices have lengthy remained CFDs, the model is now shifting its focus in direction of stockbroking.
In the meantime, the brokerage model has been diversifying its different choices. Earlier this yr, it launched multi-currency fee playing cards for its clients in the UK, with plans to broaden to Europe as nicely.