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Crypto Ecosystem GLEEC Secures Ninth Regulatory Approval

12 Oct, 20223 min readRegulation
Crypto Ecosystem GLEEC Secures Ninth Regulatory Approval

GLEEC has just secured its ninth approval from financial regulators. The latest jurisdiction to license the crypto services platform is Estonia.

The Eastern European nation joins the likes of Dubai, El Salvador, Poland, Slovakia and others in approving the platform to operate. With regulators’ blessings coming from a growing list of countries, the exchange is making all the right moves to take on the industry’s more established names.

GLEEC wins over Estonian financial regulators

In an industry facing mounting scrutiny from financial regulators, crypto exchanges are increasingly searching for friendly jurisdictions to grant them approval to operate. Although, for now, some trading venues remain outside regulatory oversight, others are keen to demonstrate compliance.

Among them is GLEEC, a British Columbia-based exchange offering more than 100 crypto trading pairs. According to FinanceFeeds, the platform has just received a license from Estonia’s Financial Supervisory Authority, known locally as Finantsinspektsioon.

A post to the Estonian regulator’s website details the services the company can provide in the jurisdiction. They include the distribution of electronic money, money remittance and cash withdrawals from payment accounts.

GLEEC might not have the same instant recognizability as some of the crypto industry’s biggest names like Coinbase and Binance, but the platform has been quietly building out its services since its 2017 launch. In addition to the exchange itself — often referred to as GLEEC BTC — the platform offers its own secure digital asset wallet, a play-to-earn video game via a partnership with the world-leading racing team Buggyra Racing, a Visa-compatible payment card, and a fully-digital bank account via its GLEEC Pay service.

Like many other crypto exchanges, GLEEC also has an ecosystem token. Gleecoin is deployed on the Komodo Smart Chain and can be used to top up the GLEEC Visa Card to pay for goods and services. In addition to GLEEC’s own centralized and decentralized exchanges, Gleecoin trades at world-renowned platforms, including Bittrex and HitBTC.

Stating that GLEEC hopes to obtain approval from additional global regulators going forward, the platform’s CEO Daniel Dimitrov added:

“We aim to create a crypto ecosystem with a balanced regulatory framework.”

Another regulatory blessing for GLEEC

Estonia is the latest in a growing list of jurisdictions within which GLEEC is authorized to provide services. The platform has previously obtained similar approvals across Latin America, Europe and the Middle East.

Five of the licenses enable the company to offer only crypto services. They include approvals from Dubai regulators to provide cryptocurrency trading and El Salvador to offer BTC custody, wallet services, facilitate trades and process crypto payments. GLEEC also has the approval to offer similar crypto services in Slovakia, Poland and Lithuania.

Meanwhile, a license obtained in Canada permits the company to act as a money services business and provide foreign exchange, the redemption of money orders and to deal in digital currency. Finally, regulatory approval in Ukraine permits GLEEC to offer banking services in the nation.

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