Btc.sx

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Btc.sx is a multinational company that engages in bitcoin trading and brokerage. The company offers a trading platform in digital currency derivatives such as margin trading to retail traders. It was founded in 2013 and is headquartered in London's Silicon Roundabout. ZDNet reports Btc.sx to be one of the first bitcoin companies that voided the necessity of all other currencies other than Bitcoin. The company was launched from Sydney, Australia, and is run by CEO Joseph Lee who co-founded the company alongside George Samman and Vincent Hoong. Shortly after its launch, Lee moved operations to London favouring a dual incorporation model between Singapore and United Kingdom. The company also has operations in New York City. In October 2014, BTC.sx partnered with itBit to increase its presence in Asia.

Video Btc.sx

Service disruptions

In February 2014 Mt. Gox was struck by a theft, it was the world's largest bitcoin exchange and at its peak handled 70% of all bitcoin trades. The loss of 750,000 bitcoins (at the time worth over $350m) triggered immediate insolvency and caused its subsequent collapse. Following a trading suspension issued by Btc.sx, it was revealed that Btc.sx had partnered with Mt. Gox to offer its brokered trading service and suffered from undisclosed losses as a result of the collapse.

Maps Btc.sx

Reception

Following the Mt. Gox collapse, Btc.sx announced a new exchange partnership with Bitstamp now placing its orders out to market. The trading platform announced in March 2014 the brokerage of over $40m in brokered transactions.

src: media.coindesk.com

Capital investments

In April 2014, Btc.sx received 500 bitcoins from the seed accelerator, SeedCoin in its first fund raising round. The company has received a total of US$0.45 million investment as a result of initial capital injections and its equity fundraising activities.

src: cointelegraph.com

Regulation

Btc.sx operates in a climate of regulatory uncertainty with no specific laws enforced to provide protection to its clients globally. The New York State Department of Financial Services who is overseen by Superintendent Benjamin Lawsky hopes to be the first regulatory body to provide a full framework for virtual currency businesses. The DFS guidelines are perceived by many bitcoin companies to be overbearing with fierce opposition coming from Jeremy Allaire, CEO of bitcoin startup Circle. With operations in New York, the BitLicense regulations will directly affect Btc.sx and similar bitcoin businesses.

src: media.coindesk.com

Rebranding as Magnr

At June 2015 BTC.sx CEO Joseph Lee rebranded BTC.sx as new company Magnr "as more friendly and memorable name" witch like BTC.sx operate only in Bitcoins. From bitcoin trading and brokerage Magnr switch focus more on wealth management.

src: bitcoinprbuzz.com

References

src: webwit.nl

External links

• Official website
• Btc.sx at Curlie (based on DMOZ)

Source of the article : Wikipedia