Crypto.com receives approval from UK Financial Conduct Authority (FCA)
While everyone is talking about the crypto bear market, Crypto.com continues to position itself for the future inking registration approvals from regulatory authorities from Italy, Singapore, and now the United Kingdom.
Today, Crypto.com announced it has received regulatory approval from the Financial Conduct Authority (FCA) in the United Kingdom (UK) as a crypto asset business. This registration will enable Crypto.com to offer a suite of products and services to customers in the UK, compliant with local regulations.
“This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us and at a time when the government is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment.” said Kris Marszalek, Co-Founder and CEO of Crypto.com. “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.”
In March, Crypto.com announced several senior hires in the UK, including the appointment of a UK General Manager and a Global Head of Sustainability and ESG. The UK is seen as a high-potential market for cryptocurrency, following a 650% increase in adoption from 2018 to 2021, according to research by BanklessTimes.
Crypto.com continues to actively grow and expand its ecosystem, with more than 50 million users worldwide. Today’s announcement continues Crypto.com’s regulatory license momentum, having recently received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore, provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority, Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea, registration in Italy from the Organismo Agenti e Mediatori (OAM), registration in Greece from the Hellenic Capital Market Commission, registration in Cyprus from the Securities and Exchange Commission, regulatory approval from the Cayman Islands Monetary Authority, and a pre-registration undertaking with the Ontario Securities Administration in Canada.
Founded in 2016, Singapore-based Crypto.com is a pioneer of payments and cryptocurrency with a mission to accelerate the world’s transition to cryptocurrency. The startup is working towards this goal with its portfolio of consumer products, including the Crypto.com Wallet & Card App, the MCO Visa Card, Crypto Invest, Crypto.com Chain, as well as Crypto Credit.
To date, Crypto.com now serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, and the Crypto.com Exchange. The Crypto.com Wallet allows users to buy, sell, and pay with cryptocurrencies, such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Binance Coin (BNB), and Crypto.com’s MCO and CRO Tokens.