The approval marks the first time a digital asset custody provider has come under federal regulation as the SEC tightens custody rules.
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Prometheum subsidiary Prometheum Ember Capital has received approval from the Financial Industry Regulatory Authority (FINRA) as a special purpose broker-dealer (SPBD) for digital asset securities. This approval allows Prometheum to custody digital asset securities on behalf of retail and institutional clients.
FINRA’s designation of Prometheum Ember Capital as an SPBD makes it a qualified custodian, subject to provisions of the United States Exchange Act of 1934. It is the first firm to offer digital asset custody as a qualified custodian. FINRA is the self-regulatory body of the U.S. securities industry. Other digital asset custody providers have state licenses.
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