SFOX, a cryptocurrency-focused prime brokerage service, is ensuring the digital assets of their clients are secured in the midst of various regulatory tensions. To protect clients' assets up to $250,000, the custody arm, sFOX Safe provides custodial solutions for free or at discounted rates. Through the FDIC safeguards up to $250,000 of client assets can be protected, by entities like banks. Akbar Thobhani, the CEO and co-founder of sFOX, stated that company's offering has a crypto-native twist compared to the FDIC. It offers Custody and Trading services that are kept separate from one another and an insurance policy offered through sFOX Safe, underwritten by Lloyd’s of London, that insures customers' assets up to $200 million. This service is offered through an sFOX affiliate, the SAFE Trust Company, which is chartered by the Wyoming Division of Banking, a state that is known to be friendly to cryptocurrency companies and investors. Recently, the IRS had targeted sFOX with a John Doe summons to identify individuals evading taxes. Despite the current situation and regulatory limitations in the US, Thobhani stated his desire for more clarity and an opportunity to offer more kinds of services to customers within the confines of regulation.
Nina Thompson
- 2023-04-19
Securing Crypto Assets with SFOX
SFOX, a cryptocurrency prime brokerage service, is ensuring the digital assets of their clients are secured with various regulatory tensions. With sFOX Safe providing custodial solutions and backed FDIC safeguards, crypto assets are protected up to $250,000. Find out more here!
