INX Officially Announces Segregation of Customer Funds, Ensuring Enhanced Protection for INX Customers Trading Digital Assets
While stringent regulations exist for the custody of customer assets in traditional markets, the digital asset landscape currently lacks similar standardized practices. "The absence of specific regulations targeting digital assets should not deter us from applying common sense and best practices by leveraging existing regulations from the traditional capital markets," said Keren Avidar, Global General Counsel at INX.
Recognizing the importance of customer protection, INX has taken proactive steps to address this gap by utilizing the expertise of the legal team at Foley & Lardner LLP, which specializes in digital assets, customer asset segregation rules, and
"We believe that safeguarding our clients' assets is of utmost importance, especially for digital assets markets where standardized regulatory practices are yet to be fully established and where INX intends to be the model for other industry participants and intermediaries," said Renata Szkoda, CFO of INX. "By adopting the CFTC model for the protection of customer funds and engaging with the foremost experts in this area, we are providing our clients with an unparalleled level of assurance and protection while also solidifying INX as the standard-setting leader in the industry."
Additionally, as part of its commitment to maintaining the highest level of customer protection, INX has implemented a robust segregation calculation model. The platform securely holds client assets, including popular digital commodities such as Bitcoin and Ethereum, offering enhanced security and peace of mind to its valued clientele. The daily calculation model adopted by INX adheres to the standards set by the Commodity Futures Trading Commission (CFTC), ensuring that customer funds are accurately accounted for and segregated in specifically designated accounts at the end of each and every trading day.
The segregation of customer funds goes beyond merely separating accounts; it also entails proper customer disclosure as well as having adequate funds to cover liabilities, ensuring the utmost financial security for INX investors. As a responsible industry participant, INX acknowledges its obligation to protect client funds and cover any potential liabilities that may arise.
To reinforce this commitment, INX requires all custodians and banking partners to sign a segregation acknowledgment letter, underscoring that the funds held by INX are client funds and not the property of the company. This acknowledgment solidifies the understanding between INX and its custody and banking partners, affirming INX's role as a trusted business partner.
For more information about INX and its novel trading and capital-raising financial instruments for enterprises and companies worldwide, visit https://www.inx.co/.
About INX:
INX provides a regulated trading platform for digital securities and cryptocurrencies. With the combination of traditional markets expertise and a disruptive fintech approach, INX provides state-of-the-art solutions to modern financial problems. INX is led by an experienced and dedicated team of business, finance, and technology veterans with the shared vision of redefining the world of capital markets via blockchain technology and innovative regulatory approach.
About The INX Digital Company, Inc. INX is the holding company for the INX Group, which includes regulated trading platforms for digital securities and cryptocurrencies, combining traditional markets expertise and an innovative fintech approach. The INX Group's vision is to be the preferred global regulated hub for digital assets on the blockchain. The INX Group's overall mission is to bring communities together and empower them with financial innovation. Our journey started with our initial public token offering of the INX Token in which we raised
In addition to operating two regulated trading platforms for blockchain assets, INX's interdealer broker, I.L.S. Brokers, plans to offer non-deliverable cryptocurrency forwards to Tier-1 banks in the future. For more information, please visit the INX Group website here.
Cautionary Note Regarding Forward-Looking Information and Other Disclosures
This press release contains statements that constitute "forward-looking information" ("forward-looking information") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information. In disclosing the forward-looking information contained in this press release, INX has made certain assumptions, including with respect to, the continuous development of the INX trading platform, the offering of non-deliverable cryptocurrency forwards, and the development of the digital asset industry. Although INX believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include but are not limited to regulatory developments, the state of the digital securities and cryptocurrencies markets, and general economic conditions. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, INX disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.
NEO Exchange Inc is not responsible for the adequacy or accuracy of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in
For further information, contact:
The INX Digital Company, Inc.
Investor Relations
+1 855 657 2314
Email: investorrelations@inx.co
For more information, contact:
Liz Whelan
liz@lwprconsulting.com
(312) 315-0160
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SOURCE The INX Digital Company, Inc.
