How ChicksX from Canada confidently conquered the EU crypto market

“The process was clear and efficient, and we felt genuinely supported throughout. LegalBison helped us navigate a space that’s often uncertain and complex, which gave us the confidence to move forward with our project. Aaron and the team were key in making the entire experience smooth, professional, and reassuring.”

— Al Alof, ChicksX CEO

Meet ChicksX

Founded in 2021 in Ontario (Canada), ChicksX is the sister company of Chicks Gold, a marketplace for video game assets. ChicksX is a crypto exchange platform, whose goal is to become a leader in “the new world of finance”. In order to pursue its ambition and vision, ChicksX aimed to expand to the European crypto market in 2024. It felt like a logical and exciting development, but also a slightly scary one due to different and unknown laws.

The goal was to ensure a seamless introduction into the old continent. The company wanted a proactive approach toward local regulations. ChicksX then worked with legal and compliance experts at LegalBison to drive its expansion effort.

With many years of experience and hundreds of clients in the crypto space, LegalBison knew exactly what strategy to use. Seeking precise legal guidance, ChicksX looked for a firm with in-depth knowledge of the legal and technical aspects of running a crypto exchange. They found the right partner, as LegalBison straight away reassured and educated them on how things work in Europe for cryptocurrency exchange platforms.

As a result of the fruitful cooperation with a dedicated legal team, the Canadian crypto startup managed to:

• Navigate the European crypto landscape with ease and secure a local VASP registration;
• Ensure its long-standing compliance without regulatory gaps, specifically in the evolving sector of cryptocurrency;
• Stay flexible and on track with the crypto regulatory landscape.

Seamless and serene debut in Europe

Guided by LegalBison’s Partner, Aaron Glauberman, ChicksX learned about the intricacies of crypto regulation in the EU and how to integrate to the company’s existing processes. Provided with a detailed plan on AML/KYC monitoring and reporting, as well as a lawyer’s redacted Terms and Conditions, ChicksX serenely debuted its operations in Europe.

Compliance with the regulation was ensured from the get go, allowing Al Alof and its team to not waste time and energy on administrative and legal matters.

The result? A successful launch on the European market in just a quarter.

“We were drawn to LegalBison’s deep understanding of the crypto space and their transparent, well-structured process. The combination of legal expertise and crypto-specific insight made you stand out from other firms.”

— Rosselyn Evies, Marketing Director at ChicksX

After a thorough project analysis, the in-house LegalBison lawyers suggested the best-working solution tailored to ChicksX business goals. Starting from the initial consultation, LegalBison helped the company decide on the best jurisdiction for European VASP authorisation and prepared all the necessary compliance documentation.

This saved ChicksX a considerable amount of money, thanks to a streamlined process on a proven legal solution. The complete project only reached into the low five figures (in euros), with a bundle of services for the incorporation and authorization, and a set of monthly and yearly additional services for compliance. ChicksX also benefited from a personalized payment plan to adjust to the treasury of the company.

To this day, LegalBison remains the compliance advisor of ChicksX, sharing insights on regulation changes and offering support on request about their day-to-day operations. A customized assistance, that suits exactly the expectations of the ChicksX team.

The blueprint to expand to the European crypto market with LegalBison

With the assistance of LegalBison, ChicksX managed to join the European crypto market and effortlessly navigate its ever-growing legal framework. Looking into the future, LegalBison also ensured long-term compliance, effectively safeguarding ChicksX from any potential regulatory slips in the future. The assistance involved the following steps:

• Project analysis from a legal standpoint. The company received personalized advice on the best solution for its European expansion;
• Securing crypto authorisation in the EU. Once the best-fitting jurisdiction was selected, LegalBison undertook the administrative side of the process and handled all the paperwork on the client’s behalf;
• Advice on long-term compliance. Most importantly, the team guided ChicksX through all the legal intricacies and ensured its uninterrupted adherence to the crypto regulations in the EU.

With its fully compliant European legal entity, Al Alof and the ChicksX team are now ready to reach new highs and to make an impact on the new world of finance.

“We were highly satisfied with LegalBison’s work. Aaron and the team were knowledgeable, responsive, and always focused on finding practical solutions. The whole experience was smooth and confidence-inspiring.”

— ChicksX on strategic cooperation with LegalBison