Crypto.com Receives Regulatory Approval in U.K.
- The Singapore-based exchange has been registered as a “cryptoasset business” by the FCA, enabling it to launch a suit of products and services in the country.
- The company underscored the importance of the U.K. market by citing a BanklessTimes research, which showed the country had experienced a 650% increase in adoption from 2018 to 2021.
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Major cryptocurrency exchange Crypto.com has received approval from the United Kingdom’s financial regulator to conduct “certain cryptoasset activities” in the country, the company said in a blog post on 17 August.
According to the announcement, the U.K. Financial Conduct Authority (FCA) has registered the Singapore-based exchange in its Financial Services Register, acknowledging it as a “cryptoasset business”. The registration will enable Crypto.com to provide a suite of products and services, compliant with local regulations, to customers in the U.K.. The CEO and co-founder of Crypto.com, Kris Marszalek, said in a statement:
“This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us. We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators.”
Marszalek underscored the significance of the registration by pointing out the government has recently been working on making the U.K. a “global hub for crypto asset technology and investment”. The blog post also cited a research from BanklessTimes, which showed the country had experienced a 650% increase in crypto adoption between 2018 and 2021, which was one of the reasons the exchange made several senior hires in the U.K. this March.
Founded in 2016, Crypto.com has become one of the largest crypto exchanges on the market with over 50 million customers around the globe. As of late, the company has gained a regulatory momentum by acquiring multiple licenses globally. This year alone, Crypto.com obtained two key registrations in South Korea, an in-principle approval in Singapore, opened a regional office in Dubai, and more.
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Former CEO of FTX Sam Bankman-Fried leaves the Federal Court in New York after pleading not guilty, 3 January, 2022.
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