CF benchmarks Gets Approval from the British Financial Watchdog

CF benchmarks Gets Approval from the British Financial Watchdog

 

CF Benchmarks, a cryptocurrency index provider, has secured the green light from British financial authorities to become a Benchmark Administrator under the European Benchmarks Regulation (EU BMR) statute.

According to a report published on news medium CoinDesk, the Financial Conduct Authority (FCA), Britain’s financial regulator, provided authorization for CF Benchmarks to be recognized as an administrator on Friday, essentially confirming that the company’s indices can now be used by financial institutions across financial products in Europe.

The company went on to announce the development in an official tweet posted in the early hours of Friday.

Formerly known as Crypto Facilities, CF Benchmarks is noted for being the index provider for the Bitcoin futures contract provided by the CME Group. The company was acquired by cryptocurrency exchange Kraken back in April 2019, in an undisclosed nine-figure deal which the exchange claimed will help its clients to gain access to futures on six crypto trading pairs.

However, it would seem that CF is now expanding its reach across several borders as well. In an interview with the news medium, Sui Chung, the company’s chief executive, hailed this development as being a watershed moment in the European cryptocurrency space.

Moreover, he is right. Besides, being the first crypto benchmark provider to be regulated by the FFC, CF Benchmarks is now the first index provider across all territories within the EU.

“Here in Europe the use of indices and provision of indices is regulated, so for all regulated firms in Europe if they use a benchmark then they have […]