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VALR Goes Global: South African Crypto Exchange Expands Overseas

VALR, South Africa’s largest cryptocurrency exchange, will now offer crypto-asset services in Poland and target other jurisdictions around the world in hopes of taking on some of the world’s crypto giants, its chief executive told Reuters.

VALR is one of 75 crypto asset services operators recently licensed by the Financial Conduct Authority (FSCA) to operate in South Africa this year, a major step in making crypto a mainstream investment and a conditional condition has been created for one of the users.

Launched in 2018, VALR provides spot trading, margin trading, perpetual futures, and staking products to its more than 600,000 retail clients and more than 1,000 institutional clients in South Africa and globally.

About 75% of its customers are South African, while 25% come from around the world and VALR wants to increase this share of customers outside South Africa, chief executive Farzam Ehsani told Reuters in an interview.

VALR was recently approved to provide crypto-asset services in Poland. It already has preliminary approval from Dubai-based regulator VARA and is planning to get a license in Mauritius, Ehsani said.

The idea here, he said, is that products and services can be offered to an ever-growing global audience. "The idea is to be a truly global player because we're not lucky enough to be big in Africa (in terms of sales volume)."

In other countries where legislation is clear, VALR will also seek licenses there, including Africa, with Nigeria, Kenya, Ghana, and Egypt on its radar.

VALR had long targeted Nigeria but Nigerian authorities made a U-turn earlier this year, blocking access to crypto exchanges and carrying out a nationwide crackdown on exchanges with authorities blaming the feeds as a black market for foreign exchange.

"We've said until there's clarity, we won't go there (Nigeria)," Ehsani said.

To take on some of the biggest crypto giants around the world like Binance, the exchange is looking at offering similar products and services, and "in the future, we will look at things like insurance," Ehsani said.

Under its South African license, VALR can offer both crypto asset trading and services. For other products such as regular futures trading, it acts as a "legal agent" with other financial professionals - licensed for those products

Conclusion: VALR’s decision to expand overseas is an exciting chapter in its journey to global leadership in cryptocurrency exchange services. With a commitment to efficiency, safety, and customer satisfaction, VALR is well-positioned to take advantage of the opportunities presented by the dynamic and rapidly evolving world of digital finance.