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Crypto.com obtains regulatory permit in the U.K

united kingdom financial conduct authority
united kingdom financial conduct authority

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The United Kingdom Financial Conduct Authority (FCA) has granted a regulatory permit to a popular crypto exchange, Crypto.com. The exchange also confirmed the development in its Wednesday blog post. As announced, the license now allows crypto.com to extend its services to customers in the country.

The firm’s CEO, Kris Marszalek, expressed the delight of his team over the new feat. According to Marszalek, the development further ascertains the vision of the exchange to extend its services across the globe. He is optimistic the UK market will be instrumental to the firm’s fortunes. The CEO added that the acquisition of the regulatory license comes at a time when the U.K government is showing readiness to foster the crypto economy.

Marszalek affirms the exchange’s commitment to the developmental agenda of the UK regulators. In addition, Marszalek stated the company is committed to the UK market. He assured the regulator of the firm’s absolute commitment to aiding the country’s virtual economy. Also, the CEO said crypto.com is looking forward to spreading its presence and services in the country.

Crypto.com has continued to extend the reach of its products and services despite the prevailing market condition. A few days ago, Canada’s Ontario Securities Commission (OSC) issued an operational approval to the exchange. With the license, the exchange can now avail of crypto services in line with Canada OSC local law.

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Crypto.com also secured an in-principle license from the Monetary Authority of Singapore. The in-principle approval, as believed, is to allow the exchange to operate partially pending the issuance of a full license. Similarly, the exchange recently obtained an Electronic Financial Transaction Act and VASP in South Korea. Also, it acquired a payment service provider PnLink Co Ltd, and virtual assets service provider, OK-BIT.Co., Ltd. Today, crypto.com is a licensed provider of virtual asset services in the country.

Furthermore, the exchange has continued to engage in a series of remarkable partnerships. Recently, it collaborated with Oxford University’s computer science department on a two-year deal. Reportedly, the department will harness the partnership to get gifts capable of aiding its blockchain research from crypto.com.

However, despite the series of expansions and partnerships by Crypto.com, it still faced the implications of the crypto winter. Recall that this reportedly compelled the firm to lay off some of its employees to cut operating costs.

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