The firm created consternation last spring when the SEC granted it a Special Purpose Broker Dealer license for digital asset securities.
FINRA granted Prometheum Capital approval to offer clearing and settlement services of digital asset securities (above, Co-CEO Aaron Kaplan).
(Prometheum Inc.)
Posted December 21, 2023 at 8:48 pm EST.
The Financial Industry Regulatory Authority (FINRA) has approved a subsidiary of crypto financial services firm Prometheum Inc. to offer clearing and settlement services, in addition to custody services.
FINRA outlined the approval in an expanded membership letter sent to Prometheum Ember Capital on Dec. 20 that is awaiting signatures by both parties before it is final.
A representative for Prometheum shared the redacted letter from FINRA. FINRA said it had no comment.
Prometheum Ember Capital in May 2023 became the first SEC-registered broker-dealer and FINRA member firm to operate as a special purpose broker-dealer (SPBD) for digital asset securities. This status has created consternation among competitors including Coinbase, which said in an April court filing that SEC compliance is not compatible with digital asset securities.
Prometheum has yet to begin trading. It will launch custody services for digital asset securities in the first quarter, said a company spokesman.
Read More: Aaron Kaplan Scoffs at Legal Tenets of Crypto, But Gives Few Details About Prometheum
