Crypto.com, which has 50 million customers globally, registered last week in South Korea and in July in Italy.
Crypto.com, which has 50 million customers globally, registered last week in South Korea and in July in Italy.
Singapore-based cryptocurrency platform Crypto.com has registered with the UK’s financial services regulator, the company said in a statement on Wednesday.
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Joining the Financial Conduct Authority (FCA) register means that Crypto.com is approved to offer crypto asset services and products to clients in compliance with anti-money laundering and “terrorist” financing regulations in the United Kingdom.
Chris Marszalek, CEO of Crypto.com, said the United Kingdom is a “strategicly important market for us”, citing increased crypto adoption in the country and the government’s agenda to make the UK a hub for crypto assets.
As authorities around the world grapple with how to regulate the crypto sector, Firms rushing to register with financial watchdog,
Cryptocurrencies are not regulated in the United Kingdom and there is no compensation for consumers who lose their digital assets.
The FCA has previously faced a backlash in the crypto sector after turning down registration applications from several crypto companies.
Last month the regulator said it will always be “consumer protection enthusiasts” when it comes to cryptocurrencies.
More than a trillion dollars have been wiped out of global cryptocurrency market capitalization so far in 2022, according to data from CoinGecko, as major central banks raised interest rates, prompting investors to abandon riskier assets. has gone.
Crypto.com, which has 50 million customers globally, registered in South Korea last week and in Italy in July.