Crypto.com obtains yet another regulatory approval; it’s FCA this time

The United Kingdom’s Financial Conduct Authority (FCA) has given regulatory approval to the leading crypto exchange platform Crypto.com to operate as a crypto-asset business in the region. The exchange revealed the most recent registration and regulatory approval on Wednesday.

In the statement, the UK’s crypto ecosystem was highlighted, and it was noted that adoption had increased by 650% between 2018 and 2021.

The co-founder and CEO of the exchange, Kris Marszalek, commented on the recent development by stating that the company is dedicated to growing in the UK market. The exchange is now concentrating on expanding its platform and presence in the nation by increasing the variety of digital assets it offers clients while also cooperating with regulators. Marszalek stated:

“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.”

Crypto.com continues to achieve massive expansion goals

Interestingly, the fast growth of Crypto.com is happening while the overall cryptocurrency market is still largely stagnant. The platform, which claims to have more than 50 million clients worldwide, recently received in-principle approval from the Monetary Authority of Singapore (MAS) for a Major Payment Institution License, as TheCoinRise reported.

Moreover, it has also obtained provisional approval from Dubai’s regulatory watchdogs for its Virtual Asset License and registration under the Electronic Financial Transaction Act. In addition, as we reported, Crypto.com also received a license for virtual asset service provider status in South Korea after acquiring PnLink and OK-BIT. The authorities in Italy, Cyprus, Greece, the Cayman Islands, and Canada also gave it the go-ahead.

Aside from expanding internationally, Crypto.com reported that it fired 5% of its workers in June of this year because of high market volatility. However, sources indicated that the actual figures were much higher.