Cryptocurrency exchange Diginex to go public in September
The exchange has signed a reverse merger that will allow it to become a publicly-traded company
In a $300 million reverse merger with 8i Enterprises Acquisition Corp., which is listed on the NASDAQ stock exchange, a cryptocurrency exchange company, Diginex, is going to go public in about a month. As confirmed by Diginex CEO Richard Byworth to Reuters on Wednesday, the goal is to have the company ready to go public by this September, “The deal has already received SEC approval … the effective listing date should be in mid- to late September.”
Yesterday, Diginex said that it has recently launched a crypto exchange in Singapore where it is pending license approval, even though most of the company’s business is in Hong Kong. The Equos.io platform offers services for crypto spot trading, as well as more complex derivative products. The move of applying for a license follows the country’s decision to tighten up its approach towards the cryptocurrency industry, so companies are now required to be licensed to operate in the Asian country. According to Reuters, at least 150 crypto-related companies were given the ultimatum to apply for licenses by July 28, including Diginex.
Singapore’s decision to add this requirement is to be able to comply with the standards established by the Financial Action Task Force (FATF). Many companies had to make changes to adapt to the new requirements; for instance, Japanese crypto exchange Liquid had to delist at least 29 digital tokens to be able to obtain a license, according to news.Bitcoin.com. On the other hand, in Hong Kong, there is an opt-in licensing regime for cryptocurrency exchanges, but it does not allow the trading of derivatives products.