Crypto Exchange VALR Obtains South African License

by MMC
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  • South African crypto exchange VALR has received regulatory approval from the country’s financial watchdog.

  • VALR received a valuation of $240 million in 2022 following a fundraising led by Pantera Capital.

South African crypto exchange VALR has obtained a license from the country’s financial regulator, the company announced on Monday.

Supported by Pantera VALR, which was valued at $240 million in March 2022, is among the first group of crypto companies to gain approval from South Africa’s Financial Sector Conduct Authority (FSCA). Last week, exchange Luno and crypto social investment platform Zignaly also announced they had received FSCA licenses.

The FSCA has started accepting license applications in 2023 after the African country approved legislation to expand the regulator’s scope to include crypto oversight.

VALR, headquartered in Johannesburg, said it has obtained Category I and Category II licenses from the FSCA as a Crypto Asset Services Provider (CASP).

“Obtaining the CASP license from the FSCA is a monumental achievement for VALR,” said Farzam Ehsani, co-founder and CEO of VALR in a press release. “We welcome this regulatory milestone for South Africa and congratulate the regulators on achieving this important milestone for the nation.”

VALR claims to serve over 1,000 corporate and institutional clients and over half a million crypto traders worldwide.

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