Coming soon ...
http://www.ciphertrade.com/We are actively seeking UK regulation and for this reason are not yet able to open all of our features. Right now we are in the process of integrating our account verification system. This is necessary to meet with regulatory standards and will allow us to trade in true equity, leading to a stronger exchange with more security for our users, as well as helping us to legitimise cryptocurrency in the eyes of the regulators. Please also note that, for the same regulatory reasons, unverified accounts will have strong limitations on the withdrawals they can make.
We met with their developer, and were impressed.
They are totally serious about becoming legitimate in the eyes of the UK regulator. I also know their lawyer, and while I don't know any details of how, I am confident that they are also totally genuine and serious about expecting to obtain that legitimacy within a few weeks.