Nauticus CEO says ‘regulation is the only way to protect against scams’

MELBOURNE, Australia–(BUSINESS WIRE)–THE GREAT Financial Crisis of 2008 came about through poor regulation of
financial institutions, as multinational banks traded ever more complex
financial derivatives.

Ironically, the fallout from the GFC spawned Bitcoin – created by those
dissatisfied with the existing financial order. But the subsequent lack
of regulations surrounding digital currencies has led many to disaster.

“Poor regulation enables corruption to flourish,” explains Nauticus CEO
Bryan Ng. “We’ve seen pyramid and ponzi schemes like BitConnect – which
promised interest of 1% a day – along with various ICO exit scams.

“Unregulated exchanges are often hacked or shut up shop without
returning users funds. In the EU in January alone, almost 700 scams
netted $50 million in a single month,” he said.

The international response is divided between countries that allow a
free for all, and those that impose draconian bans. A handful of
countries, including Switzerland, Malta and Australia, have embraced
well designed regulations that encourage innovation while protecting
users.

Melbourne’s Nauticus Exchange is a digital financial marketplace
offering 17 currencies and AUD. The founders have prioritised building a
solid foundation of security and compliance for their globally focused
business. This will be key as the company moves into securities trading,
FOREX and international remittances.

This focus on ethics and compliance will be no surprise to anyone who
has met Ng, a licensed accountant (CPA) who runs accounting firm First
Accountants.

Chief Operating Officer Jonathan Chang is a former ANZ banker with
extensive experience in Anti Money Laundering and Counter Terrorism
Financing regulations.

“Verifying every user helps fight corruption and criminality, and not
only protects the business but protects our users themselves from
fraudulent practices,” he said.

Nauticus is registered with the Australian Government’s AUSTRAC as a
Digital Currency Exchange and an Independent Remittance Dealer.
Headquartered in Melbourne, the company is a registered representative
of an Australian Financial Services Licensee enabling it to tokenize
assets in the form of STOs. An application is in progress to allow the
company to launch trading in securities.

Ng said his ambition is to provide users in developing countries – often
beset by corruption and high inflation – with access to a reliable and
trustworthy international financial platform. The Nauticus vision is to
provide everyone, everywhere with low cost, borderless financial
transactions.

Visit: nauticus.io

Contacts

Andrew Fenton
andrew@nauticac.com