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← Embedded Finance Index 2026

Cex Io

“Can a crypto exchange become a full-stack regulated financial platform for retail and institutional users by layering compliant fiat infrastructure, crypto-backed lending, and card products onto its exchange core?”

Founded2013
HQMiami, Florida, USA (CEX.IO Corp); London, UK (CEX.IO Ltd); Madrid, Spain (CEX.IO Europe S.L.)
IndustryFintech / Crypto
The story

Founded in 2013 as one of the first Bitcoin cloud-mining and fiat-to-crypto exchange platforms, CEX.IO evolved into a comprehensive crypto ecosystem offering trading, staking, lending, and a Web3 wallet. The launch of CEX.IO LOAN in 2020 marked a shift toward embedded financial services within a crypto context. The 2024 launch and 2026 suspension of the CEX.IO Card — due to the collapse of its programme partner Quicko — highlighted the risks of relying on third-party regulated entities for card products. The April 2026 partnership with OpenPayd signals a deliberate move to upgrade institutional-grade fiat infrastructure, treasury management, and cross-border settlement capabilities.

Last 12 months
2024-05
2024-08
2026-01
2026-02
2026-04
Product timeline
2013
CEX.IO founded as a Bitcoin mining pool and exchange, one of the earliest fiat-to-crypto on-ramp platforms.· pivot
2020
Launched CEX.IO LOAN, a crypto-backed lending service allowing users to borrow fiat against Bitcoin and Ethereum collateral.· lending
2021
CEX.IO LOAN reported over $100 million in institutional loan requests, with demand coming primarily from institutional investors.· lending
2024
CEX.IO Limited received a Money Lender License from Gibraltar Financial Services Commission (GFSC), expanding regulated lending capabilities.· lending
2024
Launched CEX.IO Card, a Mastercard-branded crypto debit card for EEA users powered by Quicko sp. z o.o. as the regulated programme partner.· card
2026
CEX.IO Card suspended after Polish Financial Supervision Authority (KNF) withdrew Quicko sp. z o.o.'s authorization as a national payment institution.· card
2026
OpenPayd selected as CEX.IO's institutional payment operations provider, introducing multi-currency accounts (EUR, GBP, USD), SEPA Instant payments, and integrated FX infrastructure.· banking
Regulated entities
3
regulatory licences held by Cex Io
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
6 layers disclosed in Cex Io’s embedded-finance stack
Payments / PSP
FIS (card management and processing)OpenPayd (fiat payment operations)
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
FX & payouts
in the full report
Accounting gap: minor
5 more providers across 5 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.

Cex Io — frequently asked

What bank does Cex Io use?

Cex Io discloses OpenPayd as its banking provider, according to the Embedded Finance Index 2026.

Is Cex Io a bank?

Cex Io does not disclose a bank charter of its own; its banking services are provided through OpenPayd.

Who is Cex Io's payment processor?

Cex Io processes payments through FIS (card management and processing) and OpenPayd (fiat payment operations). Disclosed money-movement rails: SEPA Instant.

Who issues Cex Io's cards?

Cex Io's cards are issued through FIS.

Who handles Cex Io's FX and cross-border payouts?

Cex Io uses OpenPayd for FX and cross-border payouts.

What is Cex Io's embedded finance stack?

The Embedded Finance Index 2026 maps 6 layers in Cex Io's stack: Payments / PSP (FIS (card management and processing) and OpenPayd (fiat payment operations)); Money movement (SEPA Instant); Banking / BaaS (OpenPayd); Card issuing (FIS); Lending (CEX.IO LOAN — crypto-backed loan (Bitcoin/Ethereum collateral, $500–$500,000, 7 days–1 year, LTV 50%, 8.4–14% annual interest)); FX & payouts (OpenPayd).

Where is Cex Io headquartered?

Cex Io is founded in 2013 and headquartered in Miami, Florida, USA (CEX.IO Corp); London, UK (CEX.IO Ltd); Madrid, Spain (CEX.IO Europe S.L.).

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