Romanian Bitcoin exchange uses Manx tech

Island's regulation assists new venture

An Isle of Man company is providing the technical knowhow and security behind a Bitcoin exchange which has just launched in Romania.

Crypto Next, based in Fort Anne on South Quay in Douglas, provides Bitcoin services including white label exchanges.

It’s partnering with BitcoinXRomania, which has launched just six months after the country’s first and only exchange closed amid security concerns.

And BitcoinXRomania founder Andreas Zabari, says it’s been vital to find a company that can offer reassurance to potential Bitcoin users following that closure.

Mr Zabari says Crypto Next’s technology means his exchange has strong anti-money-laundering, anti-terror financing and know your customer policies.

The Romanian Financial Supervision Authority doesn’t yet regulate cryptocurrencies, and Mr Zabari says thanks to Crypto Next it can use Manx regulation.

At present his exchange deals with fiat currencies such as the US Dollar, Euro, Sterling, Bulgarian Lev, Hungarian Forint and the Romania New Leu, as well as digital currencies Bitcoin, Dogecoin, Crypto Next Coin and Litecoin.