Since Metallicus first opened its doors in 2016, we have been focused on constructing the world’s most customer centric digital asset banking network. It has been our goal to create a future where cryptocurrencies, digital assets, and blockchains can realize their potential to empower individuals and businesses alike. To accomplish this task, we recognize that these products need to be secure, regulated, sustainable, and easy to use, which is why we are driven by the the idea that strong regulation, preventive security, verified identify, and a simple customer experience are absolutely essential for integrating and scaling uses of digital assets and cryptocurrencies into everyday financial services and economic activities.
We believe that a ‘compliance-first’ mentality is crucial to unlock a seamless crypto future for the public, and that is why we invest heavily in our regulatory team to ensure that the most stringent financial regulations and data security standards in the U.S., the E.U., and other jurisdictions are met. Earlier this year, we also announced the formation of our Advisory Boardcomprised of former senior officials from the U.S. Federal Reserve, the Office of the Comptroller of the Currency, and other executives with experience in regulatory compliance at major financial institutions.
In all jurisdictions where we operate, we proactively engage with local, state, and federal regulators to ensure that we are acting in compliance with all regulatory requirements. In recent weeks, we held one such discussion on this matter with the Texas Department of Banking, where we approached these personnel with one simple question: Are we operating correctly within your state?
After working with these individuals to conduct a full audit of our business practices, we were made aware of one missing component which required licensing in Texas. As a result of this matter, we have paid an administrative fee of $25,925.08, received a temporary license to continue to operate and offer all of our services in Texas, and prepare to apply for a permanent license, while continuing to work collaboratively with the Texas Department of Banking to ensure that all requirements are met.
We are proud to have initiated this conversation and demonstrated our commitment to compliance as well as the importance of following Texas state law. As an outcome of our discussions, the Texas Department of Banking granted the temporary license we need to continue our work in the state, and we should be acquiring a permanent permit in the near future.
We will continue to proactively engage regulators and look forward to keeping our channels of communication open with the state of Texas. Our goal is to be a trusted and valuable partner to regulatory bodies in every market where we operate.
State of Texas Update
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