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Magnr

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Magnr
210px
Type of site
Private
HeadquartersLondon
Area servedWorldwide
Founder(s)Joseph Lee
James Turner
Colin Kwan
Sergio Rodriguez
Kwok Man
CEOJoseph Lee
ProductsBitcoin, Margin Trading, Derivative Trading, Wealth Management
WebsiteMagnr
LaunchedJuly, 2015

Magnr is a multinational company that engages in bitcoin trading and wealth management for digital currencies. The company operates across two verticals offering a bitcoin leveraged trading platform for retail traders and a bitcoin interest bearing savings account.[1] It was founded in 2015 and is headquartered in London's Silicon Roundabout, the origin of its trading platform dates back to 2013 when the company operated as Btc.sx.[2] The company was launched from Old Street, London and is run by CEO Joseph Lee.

Reception[edit | edit source]

Following the Mt. Gox collapse, Magnr diversified its counterparty risk by integrating with three new exchange partners Bitstamp, itBit and Bitfinex now placing its orders out to market.The trading platform announced in March 2014 the brokerage of over $40m in transactions.[3]

Regulation[edit | edit source]

Magnr operates in a climate of regulatory uncertainty with few compliance procedures 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.[4]

Ceasing Operations[edit | edit source]

On January 15, 2018, Magnr had indicated that they would discontinue all trading and savings services from January 19, 2018.

References[edit | edit source]

  1. Blatchford, Josh (2015-06-17). "Magnr Launches World's First Blockchain Based Bitcoin Savings Accounts". PR Newswire.
  2. Cruz, Kevin. "BTC.sx Rebrands as Magnr, Introduces Bitcoin Savings Accounts". Bitcoin Magazine. Retrieved 2018-06-08.
  3. Bradbury, Danny (2014-05-12). "Bitcoin Derivatives Platform BTC.SX Resumes Trading After Mt Gox-Induced Freeze". CoinDesk.
  4. "NY DFS Releases Proposed Bitlicense Regulatory Framework For Virtual Currency Firms". New York State Department of Financial Services. Archived from the original on 2014-09-23. Retrieved 2014-08-20.

External links[edit | edit source]


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