CoinCorner is a bitcoin exchange and wallet provider, based in the Isle of Man. The company was founded in June 2014 by Daniel Scott, Phil Collins, Charlie Woolnough and David Brown as a solution to "wanting to buy bitcoin from the UK and online from somewhere you trust.". The company currently operates in 45 countries worldwide.
The team are currently based at CoinCorner's office in the Isle of Man.
Daniel Scott, co-founder and CTO, has a decade of experience in software development and experience working with several large companies such as Microsoft.
Phil Collins is co-founder and Head of Operations for CoinCorner with over 15 years' experience in running corporate structures across a variety of industries.
Co-founder Charlie Woolnough has over a decade of experience in investment banking and hedge fund industry having previously worked at a senior level for ABN Amro, HSBC and Credit Suisse. Charlie is Chairman of the Manx Digital Currency Association and has a noticeable presence in the media as well as major conferences and events (Panelist at Eye For Travel Start-up & Innovation in Travel Awards 2016 and ISLEXPO 2016). He has also appeared as a guest on the financial news and analysis show, The Keiser Report hosted by Max Keiser.
The company was self-funded by its co-founders for the first 9 months, before receiving an investment sum of £150,000 from angel investor, Alex Holt, co-founder of Costa Bingo and bgo. In November 2015, CoinCorner announced that it was looking to raise its next round of funding via an equity crowdfunding campaign on Seedrs, however the campaign was ended early due to interest from a number of private investors.
CoinCorner have worked closely with the Isle of Man Government, helping to establish suitable regulation for bitcoin businesses on the island.
In May 2016, CoinCorner was one of two bitcoin businesses to be awarded Designated Business status by the Isle of Man Financial Services Authority (IOMFSA) following the introduction of The Designated Businesses (Registration and Oversight) Act. The Act came into force in October 2015 after a proposal was put forward to place responsibility on the IOMFSA for the oversight of the adherence of certain businesses and professions to the Island’s anti-money laundering and countering the financing of terrorism legislation.
With the Isle of Man’s acceptance of bitcoin businesses well documented, Designated Businesses now also include those in “the business of issuing, transmitting, transferring, providing safe custody or storage of, administering, managing, lending, buying, selling, exchanging or otherwise trading or intermediating convertible virtual currencies, including crypto-currencies or similar concepts where the concept is accepted by persons as a means of payment for goods or services, a unit of account, a store of value or a commodity.”
CoinCorner launched in July 2014, as the first bitcoin exchange on the Isle of Man. Originally, CoinCorner supported bitcoin, litecoin and dogecoin, however the altcoins were removed in March 2015 due to lack of customer demand.
The Isle of Man introduced regulations for digital currency businesses on 1 April 2015 and CoinCorner became the first cryptocurrency exchange in the world to fall under the Proceeds of Crime Act 2008 on the Isle of Man.
In September 2015, having firmly established its position in the UK, the company announced its expansion into Europe, enabling users to buy and sell bitcoins in EUR, as well as opening up SEPA deposits.
Bitcoin and the Isle of Man
The Isle of Man has welcomed bitcoin-related businesses, with Head of e-Commerce for the Isle of Man, Peter Greenhill, telling Business Insider, "The aim is to be the most attractive place in the world for cryptocurrency companies to work from."
The Isle of Man Government amended the Proceeds of Crime Act 2008, introducing regulations to cover bitcoin companies, including exchanges, operating on the island from 1 April 2015. Bitcoin businesses must now comply with the Isle of Man’s anti-money laundering (AML) laws.
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