August 4th, 2022
Dear Client,
We would like to outline below a few changes that will take effect at the beginning of next week - August 8th. While the changes will not have an impact on your trading, it will affect the withdrawal process and you will need to take action.
As previously communicated, Bequant Group is seeking to consolidate its regulated business under one entity, and as such Bequant Exchange Limited (regulated business out of Malta) is ceasing its operations. (You can see our previous communication here). As a result, if you are trading today on Bequant Exchange via your Prime Brokerage account, your Bequant Exchange accounts will be migrated to the new exchange - Bequant Global (unregulated business out of Seychelles). This migration will not impact your trading - your API and FIX connectivity (keys, credentials), and trade and transaction data will stay the same for a seamless transition. Moreover, on Bequant Global (Seychelles) you will have access to the same spot liquidity as was available on Bequant Exchange (Malta), but additionally the platform will offer margin trading, perpetual futures, and a larger list of coins (stay tuned for more information). This migration does not impact your Bequant Prime Brokerage accounts on any other exchanges.
If you do not wish to continue your trading on the new Bequant Global exchange, please do let our support team know in our regular communication channel and we can remove the account from your portfolio. Should you have more questions about Bequant Global please reach out to your Sales representative.
When does the change take place: August 8th.
Bequant Pro is upgrading its withdrawal process. We are introducing a new custody perimeter for Bequant Pro’s clients - Bequant PB Vault - that will allow you to have withdrawals enabled by default on your account. This means you will no longer need to ask your support representative to enable withdrawals, nor will you need 2 interfaces to operate your Prime Brokerage account. All actions, including deposits and withdrawals will be done via the PB customer Portal. Please note that we have developed this feature with your Security in mind, therefore we only allow withdrawals to pre-whitelisted addresses. The amounts available for withdrawals are also updated during each withdrawal request so that you are limited to withdrawing only your free amounts.
When will I be able to use the new custody: August 8th. The new Bank Account will be called the Bequant PB Vault. It will become active on your Accounts portion of the Customer Portal and in the Transfer Menu. We will release another communication on August 8th.
What coins will be supported by the new custody: we are able to support most coins available today on Customer Portal. Please note that SOL will be available in a few months time.
How do I start using it: Please note that you need to whitelist your withdrawal addresses before you are able to withdraw. For security reasons we will not be replicating your current withdrawal addresses on the new Bequant PB Vault account. Once whitelisting is done, you can withdraw by pressing the Withdraw button on the Customer Portal.
How do I whitelist my withdrawal addresses: please see more information here. We strongly encourage you to start on the whitelisting as soon as possible.
Can I continue using the Old Bequant Bank account: The Old Bequant Bank account will be deprecated once Bequant PB Vault becomes operational. This is because the Old Bequant Bank account is offered by Bequant Exchange, our regulated exchange in Malta that is closing down. Therefore you need to migrate all funds you keep on your Old Bequant Bank account to the new Bequant PB Vault as soon as possible. From the 22nd of August, you will have the ability to perform deposits and withdrawals only on the Bequant PB Vault account, not on the Old Bequant account. We strongly advise you to start using it as soon as possible to allow for any launch issues to be resolved in time before the closure of the Old Bequant Bank account.
What other custodians will be supported for deposits and withdrawals: Please note that from August 22, 2022, only the Bequant PB Vault will be available. We are currently in advanced stages to integrate with Fireblocks as a custody solution. That should be available in Q3. You will then have two options for deposits and withdrawals: Bequant PB Vault or Fireblocks. Both custody solutions provide legal protection of your assets under the laws of Malta. Our PB is striving to be a custody agnostics solution, and after the integration with Fireblocks we have a few more custody systems in our pipeline.
Stay tuned!
Bequant is convinced that these actions enhance the range and quality of products available to our customers, and would allow Bequant to continue as an industry leader in the digital assets space.