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Accredited Investor Declaration

By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms represents and warrants that:

It has the knowledge and experience in financial and business matters required to receive and use services to be made available by THE ELEPHANT as described in its website, as amended from time to time, and as such it is capable of evaluating the merits and risks involved with them.
The purpose of this declaration is to enable THE ELEPHANT and its affiliates to discharge its responsibilities under such exemptions and that THE ELEPHANT will rely upon the information contained herein, and therefore, the representations herein are complete, accurate and binding, and may be relied upon by THE ELEPHANT and its affiliates.
Although THE ELEPHANT will use their best efforts to keep this declaration strictly confidential, they may present this declaration and any other information which the undersigned has provided to them to such parties as they deem advisable if called upon to establish the availability under the Securities Laws of an exemption from registration of the offer and sale of securities or any other service to be made available by THE ELEPHANT, as amended from time to time, or if the contents thereof are relevant to any issue in any action, suit or proceeding to which THE ELEPHANT or its affiliates is a party or by which they or it are or may be bound.
Any offer or services that may be made available to the undersigned by THE ELEPHANT or its affiliates (i) will not constitute a violation of any laws or regulations, including the Securities Laws and investment advice laws, of any applicable jurisdiction; (ii) will be permissible under all applicable Securities Laws and shall not trigger any licensing, registration, or other requirements.
It shall not transmit or otherwise send any information to which THE ELEPHANT will give it access to, to any person in any jurisdiction in which the distribution of such information and/or the offering or services are not authorized, or to whom such offer or invitation may be unlawful.

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By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is a “sophisticated investor” or a “professional investor” and a “wholesale client” (and not a “retail client”) as defined under the Corporations Act (Cth) 2001

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By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that:

In respect of the transaction made in connection with these offering and services, it has not obtained any access to the relevant transaction information in a press release, conference, advertisement, announcement, professional or trade publication or marketing materials within the People’s Republic of China.

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By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it has made appropriate enquiries and has full knowledge of the nature, rights and obligations arising out of the offering or the services made available by The Elephant, as described in its website, as changed from time to time, and obligations applicable to it under the laws of the Arab Republic of Egypt, and will not make any offerings, disposals, investments or otherwise transact with regard to offering or the services made available by The Elephant in case such offering, disposal, investment or other transaction is in contravention to the laws, regulations, governmental circulars and decrees of the Arab Republic of Egypt.

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By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is located or resident in the European Economic Area (the “EEA”), it is a “qualified investor” within the meaning of the law in any member state of the EEA which has implemented the Directive 2003/71/EC, and amendments thereto, including Directive 2010/73/EC (the “Prospectus Directive”), implementing Article 2(1)(e)(i), (ii) or (iii) of the Prospectus Directive.

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By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is a “qualified investor” within the meaning of Directive 2003/71/EC, as amended, and it professionally or commercially purchases or sells securities or investment products (Vermögensanlagen) within the meaning of the German Investment Product Act (Vermögensanlagengesetz) for its own account or for the account of others.

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By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is a “qualified investor” as such term is defined in the Prospectuses Act 2005 of Gibraltar (as amended) and in Directive 2003/71/EC. It is a “professional client” as such term is defined in the Financial Services (Markets in Financial Instruments) Act 2006 of Gibraltar; and that it has not requested “non-professional treatment” within the meaning of Schedule 2 of the Financial Services (Markets in Financial Instruments) Act 2006 of Gibraltar.

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By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is a professional investor (as such term is defined in Part 1 of Schedule 1 to the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong and Cap. 571D Securities and Futures (Professional Investor) Rules).

Individuals

(1) An individual specified for the purposes of section 3(b) is an individual having a portfolio of not less than $8 million at the relevant date or as ascertained in accordance with section 8, when any one or more of the following are taken into account— (a) a portfolio on the individual’s own account; (b)a portfolio on a joint account with the individual’s associate; (c)the individual’s share of a portfolio on a joint account with one or more persons other than the individual’s associate; (d)a portfolio of a corporation which, at the relevant date, has as its principal business the holding of investments and is wholly owned by the individual.

(2) For the purposes of subsection (1)(c), an individual’s share of a portfolio on a joint account with one or more persons other than the individual’s associate is— (a)the individual’s share of the portfolio as specified in a written agreement among the account holders; or (b)in the absence of an agreement referred to in paragraph (a), an equal share of the portfolio.

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By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms, represents, and give his written consent that he is:

An Investor to which at least one of the categories set forth in the First Schedule to the Israeli Securities Law, 1968 (the “Securities Law”) and as listed below apply (a “Sophisticated Investor”); and
Aware of the meaning of the fact that he is an investor included in this Schedule and consents thereto.

The categories are:

A Joint Investment Trust Fund, within its meaning in the Joint Investments Trust Law, 5754-1994, or a company for management of said fund;
A Provident Fund or a Management Company as defined in the Control of Financial Services Law (Provident Funds), 5765-2005;
An Insurer, within its meaning in the Supervision of Insurance Law 5741- 1981;
A Banking Corporation or an Auxiliary Body Corporation, within their meaning in the Banking (Licensing) Law 5741-1981, exclusive of a joint services company, which acquire for themselves or for customers who are investors enumerated in section 15A(b) to the Securities Law;
A Portfolio Manager, within its meaning in Section 8(b) of the Regulation of Investment Counseling and Portfolio Management Law 5755-1995, who are acquires for himself or for customers who are investors enumerated in section 15A(b) to the Securities Law;
An Investment Counselor or an Investment Marketer, within their meaning in section 7(c) of the Regulation of Investment Counseling and Portfolio Management Law 5755-1995, who acquires for himself;
A Stock Exchange member who acquires for himself or for customers who are investors enumerated in section 15A(b) to the Securities Law;
An Underwriter who meets the qualifications under section 56(c) who buys for himself;
A Risk Capital Fund; for this purpose, a “Risk Capital Fund” – a body corporate, the main activity of which is investment in bodies corporate whose main activity – at the time of the investment – is research and development or the production of innovative and knowhow intensive products or processes, investment in which involves greater risk than is common with other investments;
A body corporate wholly owned by investors enumerated in section 15A(b);
A body corporate, other than a body corporate formed for the acquisition of securities from a certain offer – with an equity capital in excess of NS 50 million;
An individual, for whom one of the following holds true:
1. The total value of the liquid assets he owns exceeds 8,095,444 million new shekels.
2. His income in each of the last two years exceeds 1,214,317 million new shekels or the income of the family cell to which he belongs exceeds 1,821,475 million new shekels.
3. The total value of the liquid assets he owns exceeds 5,059,652 million new shekels and his income in each of the last two years exceeds 607,158 new shekels or the income of the family cell to which he belongs exceeds 910,737 new shekels; The total value of the liquid assets he owns exceeds 5,059,652 million new shekels and his income in each of the last two years exceeds 607,158 new shekels or the income of the family cell to which he belongs exceeds 910,737 new shekels;

For the purposes of this item − “liquid assets” – cash, deposits, financial assets as defined in the Consulting and Securities Listed on the Stock Exchange Law;

“Family cell” – an individual and his family living with him or if the livelihood of one depends on the other;

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By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is a “wholesale investor” as that term is defined in clauses 3(2)(a), (c) or (d) of Schedule 1 to the Financial Markets Conduct Act 2013 of New Zealand (“FMC Act”),

A person is a wholesale investor if;

the person is an investment business (seeclause 37); or
the person meets the investment activity criteria specified in clause 38; or
the person is large (seeclause 39); or
the person is a government agency (seeclause 40).

In each case as defined in Schedule 1 to the FMC Act, the undersigned understands the consequences of certifying itself to be a wholesale investor.

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By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is an “institutional investor” as defined under the Decree-Law 1 of 1999 and Accord 1 of 2001, both as amended, in relation to whom the registration of the securities to be offered and sold is not required. Pursuant to the foregoing, the undersigned (i) is a legal entity, validly formed and in existence, (ii) has participated, on a regular basis, in at least the previous two years, in the administration of investments substantially similar to those described in The Elephant’s website, (iii) has a net worth of at least one million dollars, (iv) has key executives or, a majority of its directors and officers, that have at least two years of experience in the regular administration of investments and (v) does not require the protection of the provisions set forth in the securities laws of the Republic of Panama.

The undersigned acknowledges that the securities have not been registered under the Panamanian securities laws and regulations and may not be offered or sold within Panama except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Panamanian securities laws and regulations.

PLEASE NOTE EXTERNAL CONFIRMATION AND/OR EVIDENCE MAY BE REQUIRED BEFORE THE ACCREDITAION PROCESS IS COMPLETED

By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is a “qualified investor” within the meaning of the Federal Law of the Russian Federation “On Securities Market” No. 39-FZ dated April 22, 1996, as amended, (ii) the execution and performance of the offering and services to be made available by The Elephant, as described in its website and associated commercial terms, as changed from time to time, do not violate applicable laws of the Russian Federation and (iii) in making any payments in connection with offering and services, it has complied or will comply with the requirements of all applicable laws of the Russian Federation, including with respect to foreign currency transactions. The undersigned acknowledges that the The Elephant is relying in part upon the truth and accuracy of, and the undersigned’s compliance with, the representations, warranties, agreements, acknowledgements and understandings of the undersigned set forth herein in order to determine its eligibility to gain access to The Elephant’s services, as changed from time to time and the undersigned is aware of the legal consequences of the foregoing.

PLEASE NOTE EXTERNAL CONFIRMATION AND/OR EVIDENCE WILL BE REQUIRED BEFORE THE ACCREDITAION PROCESS IS COMPLETED

By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is either an “institutional investor” as defined under Section 4A(1) of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”) or a “relevant person” as defined under Section 275(2) of the SFA (including an “accredited investor” as defined under Section 4A(1) of the SFA).

PLEASE NOTE EXTERNAL CONFIRMATION AND/OR EVIDENCE MAY BE REQUIRED BEFORE THE ACCREDITAION PROCESS IS COMPLETED

By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is an “investment professional” within the meaning of Article 11(1) of the Enforcement Decree of the Financial Investment Services and Capital Markets Act of South Korea.

PLEASE NOTE EXTERNAL CONFIRMATION AND/OR EVIDENCE MAY BE REQUIRED BEFORE THE ACCREDITAION PROCESS IS COMPLETED

By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is a “qualified investor” within the meaning of the Swiss Collective Investment Schemes Act of June 23, 2006, as amended, its implementing ordinance and regulatory guidance.

PLEASE NOTE EXTERNAL CONFIRMATION AND/OR EVIDENCE MAY BE REQUIRED BEFORE THE ACCREDITAION PROCESS IS COMPLETED

By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is located or resident in the United Kingdom, it is a person of a kind described in Articles 19 and/or 49 of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), or that the offering or the services made available by The Elephant, as described in its website and associated commercial terms, as changed from time to time, may otherwise be lawfully distributed to it pursuant another applicable exemption under the Order.

The undersigned acknowledges that these offering and services are only directed at (i) persons who have professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Order, (ii) high net worth entities (including companies and unincorporated associations of high net worth and trusts of high value) or other persons falling within Article 49(2)(a) to (d) of the Order, and (iii) persons to whom such offering and services may otherwise be lawfully distributed.

PLEASE NOTE EXTERNAL CONFIRMATION AND/OR EVIDENCE MAY BE REQUIRED BEFORE THE ACCREDITAION PROCESS IS COMPLETED

By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms and represents that it is an “accredited investor” (an “Accredited Investor”) as such term is defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, for one or more of the reasons specified below:

Where the undersigned is a natural person:
1. He or she has an individual net worth, or joint net worth with my spouse (determined by (i) subtracting total liabilities from total assets, and (ii) excluding the value of my primary residence), in excess of $1,000,000; and/or
2. He or she had an individual income in excess of $200,000 (or a joint income together with my spouse in excess of $300,000) in each of the two most recently completed calendar years, and reasonably expects to have an individual income in excess of $200,000 (or a joint income together with my spouse in excess of $300,000) in the current calendar year.
Where the undersigned is or acting on behalf of:
1. a corporation, partnership, limited liability company or similar business trust or organization described in Section 501(c)(3) of the Internal Revenue Code not formed for the specific purpose of acquiring the securities that has total assets are in excess of $5,000,000;
2. a bank as defined in Section 3(a)(2) of the Securities Act, a savings and loan association, or other institution defined in Section 3(a)(5)(A) of the Securities Act acting in either its individual or fiduciary capacity (this includes a trust for which a bank acts as trustee and exercises investment discretion with respect to the trust’s decision to invest in the securities);
3. a broker dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended;
4. an insurance company as defined in Section 2(13) of the Securities Act;
5. an investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”), or a business development company as defined in Section 2(a)(48) of the Investment Company Act;
6. a Small Business Investment Company licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958, as amended;
7. a plan established and maintained by a state, its political subdivisions, or an agency or instrumentality of a state or its political subdivisions, for the benefit of employees, having total assets in excess of $5,000,000;
8. an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (a) for which the investment decision to acquire the securities is being made by a plan fiduciary, as defined in Section 3(21) of ERISA, that is either a bank, savings and loan association, insurance company, or registered investment adviser, (b) which has total assets in excess of $5,000,000, or (c) which is self-directed, with the investment decisions made solely by persons who are Accredited Investors;
9. a private business development company defined in Section 202(a)(22) of the Investment Advisers Act of 1940, as amended;
10. a trust not formed for the specific purpose of acquiring the securities with total assets in excess of $5,000,000 and directed by a person who has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of investing in the securities;
11. a revocable trust (including a revocable trust formed for the specific purpose of acquiring the securities) and the grantor or settlor of such trust is an Accredited Investor; and/or
12. an entity in which each equity owner is an Accredited Investor.

PLEASE NOTE EXTERNAL CONFIRMATION AND/OR EVIDENCE MAY BE REQUIRED BEFORE THE ACCREDITAION PROCESS IS COMPLETED

By filling in this form and selecting the ‘I confirm’ button below, the undersigned hereby confirms represents and warrants that:

It has the knowledge and experience in financial and business matters required to receive and use services to be made available by THE ELEPHANT as described in its website, as amended from time to time, and as such it is capable of evaluating the merits and risks involved with them.
The purpose of this declaration is to enable THE ELEPHANT and its affiliates to discharge its responsibilities under such exemptions and that THE ELEPHANT will rely upon the information contained herein, and therefore, the representations herein are complete, accurate and binding, and may be relied upon by THE ELEPHANT and its affiliates.
Although THE ELEPHANT will use their best efforts to keep this declaration strictly confidential, they may present this declaration and any other information which the undersigned has provided to them to such parties as they deem advisable if called upon to establish the availability under the Securities Laws of an exemption from registration of the offer and sale of securities or any other service to be made available by THE ELEPHANT, as amended from time to time, or if the contents thereof are relevant to any issue in any action, suit or proceeding to which THE ELEPHANT or its affiliates is a party or by which they or it are or may be bound.
Any offer or services that may be made available to the undersigned by THE ELEPHANT or its affiliates (i) will not constitute a violation of any laws or regulations, including the Securities Laws and investment advice laws, of any applicable jurisdiction; (ii) will be permissible under all applicable Securities Laws and shall not trigger any licensing, registration, or other requirements.
It shall not transmit or otherwise send any information to which THE ELEPHANT will give it access to, to any person in any jurisdiction in which the distribution of such information and/or the offering or services are not authorized, or to whom such offer or invitation may be unlawful.

PLEASE NOTE EXTERNAL CONFIRMATION AND/OR EVIDENCE MAY BE REQUIRED BEFORE THE ACCREDITAION PROCESS IS COMPLETED

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DISCLAIMER

By filling in this form and selecting the 'I confirm' button below, the undersigned hereby confirms and represents the information above does not qualify as a recommendation or an opinion with regard to conducting any transaction or investment. Each investor should conduct his or her own checks and verifications, while taking into account his or her specific circumstances and requirements. All the relevant aspects of the purchase, including the legal, economic and tax aspects, should be carefully examined with the assistance of professionals and consultants on the investor’s behalf.

The information above or on the site and the blog does not qualify as an offer of investment and is meant for general information only. Offers for selling of the securities will be delivered only to ‘Accredited Investors‘ as defined in the first supplement of the Israeli Securities Law, 5728-1968. The Elephant, shall not be responsible or liable and shall not guarantee in any way the return of the investments to investors, including any profits earned as a result of such investments. The engagement with the investors shall be in accordance with the transaction documents and the conditions stipulated therein, subject to the negotiations that will be held with the investors.

The Elephant charges fees from sellers and buyers of securities, and therefore The Elephant has an interest in the information posted about various companies.

The information published on the Site, does not constitutes an investment consulting as defined in the Regulation of Investment Consulting, Investment Marketing and Portfolio Management, 1995, and the said information is not a substitute for professional consulting which among others takes into consideration the special needs of every person.

For those who are considering making an investment (including sale and purchase of securities) via the website, can apply different laws deriving from their residence or citizenship, including tax laws, laws relating to the statement or report on investment activity, laws relating to the eligibility of investing, regulatory issues in process and so on. Therefore, those who are considering making such an investment, undertake to examine the applicability of any applicable laws, as they are committed to take all necessary action in order not to violate the said laws, including to disclose fully and fairly in relation to any investment to any local lawfully authority, as the law requires such disclosure.

I hereby confirm that I have read Declarations above and the site's Terms of Use and Privacy Policy and I agree to follow them and to be obligated by them regarding the use of the site.

I agree to receive information, content, offers, messages and notifications regarding the site's activity via the electronic mail address noted above.

We welcome you to The Elephant Investors Community, your gateway to the Secondary Market.

Note:
The provision of information in this website is not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product, service, or transaction. It does not constitute investment advice, tax advice or legal advice and The Elephant Platform makes no recommendation as to the suitability of any of the products, services or transactions mentioned herein. The information included in this website is intended to “Accredited Investors” only, as this term is defined in the jurisdiction in which they reside (or such similar term in such jurisdictions financial regulations). Non-Accredited investors may not partake in any products, services or transactions mentioned herein or offered by The Elephant.

* Please note that the purchase of the shares of any Target Company may be subjected to right of first refusal of other shareholders, in some cases also to approval of the Target Company’s board of directors or other transfer restrictions as may be applicable.

Cryptocurrency Exchange

Today, fiat-to-crypto exchanges are facing the largest overall risks in the cryptocurrency market. More and more banks are banning the exchange to and from fiat currencies, while the more progressive financial institutions are proceeding with caution as more regulators get involved in the market. These regulations vary greatly by country, and we are yet to see a clear stance from most governments and financial institutions concerning the crypto market.

Cryptocurrency exchanges are facing immense institutional challenges, and various platforms are responding differently to the ongoing changes in regulations. While platform competitors, Circle and Coinbase, have successfully worked with regulators and banks, others have chosen to flee to areas with easier regulations, and the most idealistic may be left out to dry by refusing to work with any traditional governing body.

Banks around the world are taking a variety of stances in regard to cryptocurrency exchanges. Many banks and government regulators are refusing cooperation with startups that handle cryptocurrency exchanges, concerned by their perceived links to money laundering and terrorism financing. However, Forbes notes that “banks and technology services companies are realizing the real potential of both cryptocurrencies and the underlying distributed ledger technology behind them as important assets for their organization.” As cryptocurrencies continue to gain a legal and normative status, we might see banks follow suit, and embrace the industry.

Some countries and their banks continue to shun cryptocurrencies. Iran is barring banks from the bitcoin market altogether. Finland’s banks have recently stopped conducting business with Prasos Oy, a Finnish cryptocurrency exchange and crypto wallet service provider. And in South Korea, regulators are moving to ban anonymous cryptocurrency trading and are conducting inspections on three major domestic banks that provide anonymous virtual bank services to cryptocurrency exchanges.

The downward trend is also present in Chile, where Banco Estado, the only Chilean bank working with cryptocurrency exchanges has decided to stop servicing their accounts. The bank stated, “Banco Estado has decided not to interact with companies that issue or generate cryptocurrencies, that provide brokerage and intermediary services with cryptocurrencies, and do not serve as a platform for crypto exchange transactions.”

In late 2017, Russia decided to block all access to cryptocurrency exchange platforms. Instead, Russia is working to develop and release their own in-house cryptocurrency, the “cryptoruble,” a state-controlled cryptocurrency as a possible way to evade western economic sanctions and track its own population.

China has taken an overall tough stance against cryptocurrencies, banning ICOs and cryptocurrency exchanges. They have also targeted platforms that allow domestic trades on overseas venues.

While many banks are shunning the cryptocurrency world, some banks are embracing the future of the cryptocurrency exchange market. For example, Coinbase recently forged a relationship with Barclays, the first deal of its kind in the United Kingdom. Prior to the partnership, Coinbase’s UK customers would process their crypto transactions through LHV, an Estonian bank.

Japanese banks are also embracing the cryptocurrency industry, with MUFG, thе fоurth largest bаnk іn thе world, lаunсhing іtѕ own dіgіtаl сurrеnсу- MUFG coin The MUFG соіn will allow for instant P2P trаnѕасtіоnѕ and ѕhорping wіth lоwеr fees, using Blockchain technology. Japan is taking steps to regulate and work with the cryptocurrency exchange industry by creating a self-regulatory body. The sixteen licensed exchange operators in Japan are launching what will be known as the Japanese Cryptocurrency Exchange Association (JCEA).

The United States is supporting cryptocurrency innovations, with key politicians urging an embrace of new crypto technologies. The Congressional Blockchain Caucus (CBC), was launched last year in order to support the cryptocurrency industry and its interests. While generally supportive of cryptocurrency companies and startups, the US is actively working to crack down on bad actors and illegal activity in the field.

Goldman Sachs, an American Bank and major investor of Circle, a cryptocurrency exchange platform, is exploring the option to set up a cryptocurrency trading desk, perhaps after a deeper understanding from its investment as to where the fintech market is heading. Business Insider notes, that Goldman Sachs would be the first major US bank to open a crypto desk. A Goldman spokeswoman told Business Insider, “In response to client interest in various digital products, we are exploring how best to serve them in the space. At this point, we have not reached a conclusion on the scope of our digital asset offering.”

Invest In Blockchain claims that, “investing in platforms is the safest and potentially most lucrative sector of digital assets in 2018” noting that platforms have an attractive balance of risk vs reward and that institutional money is heavily focused in this field. Cryptocurrencies and their platforms are increasingly viewed as a threat to banking business models and may cause banks to lose clients. CCN reported, “JPMorgan and Bank of America each warned that cryptocurrency could prove to be a disruptive technology that reduces the need for third-party intermediaries, like banks.” Many of the US credit-card issuers are striking back and have stopped permitting the purchase of cryptocurrencies on their credit cards, making it more difficult for individuals to buy into the market.

Not all banks have had this anti-crypto reaction; Goldman Sachs and Morgan Stanley are clearing bitcoin futures for some clients and both firms are looking to hire cryptocurrency experts to improve their investment strategies. Despite its negative messaging toward the industry, JP Morgan Chase is also investing in blockchain technology by developing a blockchain-powered platform known as Quorum.

Just as banks are warming to the cryptocurrency industry, some cryptocurrency exchange leaders are categorically working to promote a healthy relationship with the traditional fintech industry and its regulators. Circle, a fintech company backed by Goldman Sachs, has been very diligent in working with regulators, and was awarded a BitLicense, a certification for virtual currency businesses issued by the New York State Department of Financial Services and earned an electronic money license from the UK’s Financial Conduct Authority. The company’s CEO also advises the International Monetary Fund on fintech policy.

Circle, who recently acquired Poloniex, one of the world’s largest cryptocurrency exchange platforms, has a long term goal of becoming an alternative to the existing financial bank structure. With the company’s new influx of Poloniex’s customers, high revenue and mainstream investors, Fortune predicts that the company has “a legitimate chance at building the bank of the next century around crypto-finance.”

While there is no publicly disclosed valuation for Circle, AI-assisted business intelligence firm Zirra places Circle’s current valuation between $900 million and $1 billion. The exchange platform allows users to purchase and invest tokens on the platform that are consistent with the company’s regulatory licensure and currently offers bitcoin, bitcoin cash, ethereum, ethereum classic, litecoin and zcash as of this month. Circle allows its users make fiat deposits and withdrawals in addition to cryptocurrency exchanges. They also offer zero-commission trading, which sets it apart from competitors.

Bitpanda, an Austrian cryptocurrency platform, is also keeping itself close to local government institutions, and in July 2017, entered into an agreement with Austria’s state-owned postal service and recently formalized research deals with the Austrian Academy of Sciences and Technical University of Vienna. The platform is keeping an overall positive attitude towards regulation policy. Bitpanda’s CEO Eric Demuth said, “Regulation provides us with more legitimacy. We’ve wanted to be regulated, but so far have been told that we cannot be”.

Conversely, when platforms are not proactive in meeting the criteria of governing bodies, regulations can quickly threaten cryptocurrency exchanges. In April 2018, Kraken announced it is pulling out of Japan amidst increasing oversights by Japanese regulators. And in March 2018, Binance was issued a warning by Japanese regulators, despite its ongoing efforts to secure a license. The sharp rise in regulations follow a $500 million hack of Coincheck, one of Japan’s domestic exchanges, in early 2018.

As international governments and their regulations catch up with the quickly evolving cryptocurrency market, the platforms are forced to play ball or move on to more progressive legislating bodies. Companies like Binance, one of the world’s largest cryptocurrency exchanges, is expanding into countries with more relaxed policies. The company announced a move to Malta to start a fiat-to-crypto exchange, and is reportedly close to securing a deal with local banks that will give access to deposits and withdrawals.

Cryptocurrencies have created a large list of concerns for government bodies including illegal ICOs, tax evasion, money laundering and more. In response, countries around the world have been attempting to crack down on cryptocurrency exchanges, making it difficult for some platforms to find a permanent base.

Various exchange platforms are choosing different paths to deal with this sensitive pain point. Some cryptocurrency exchange platforms look to work with regulators, while others move to locations with more favorable and relaxed policies. Those platforms that are resisting any regulation, may lose out on market penetration, making room for more cautious players.

So where is the market heading? As much as some governments and financial institutions are seemingly attempting to suppress the cryptocurrency movement, the industry and its overwhelming popularity is here to stay. Legislation and regulatory bodies are working to catch up and create a legal realm for the global economy’s rapid cryptocurrency developments. Financial institutions are investing in cryptocurrency exchange platforms or working to create their own.

All in all, it appears that the market will continue to thrive, perhaps at a more stable rate, as more traditional institutions stop fighting the industry and embrace it instead. Circle is certainly one of the exchange platforms destined to prosper as it aids in this regulatory cooperation. Due to this strategic planning for long-term success, more and more investors are looking to back the company through The Elephant Platform. Those cryptocurrency platforms who avoid cooperation with governmental and financial institutions may be left behind.

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