Crypto.com Receives License to Operate in Cyprus

Crypto.com, one of the world’s largest digital currency trading platforms has received regulatory approval to operate in Cyprus, extending its reach as a major crypto marketplace in Europe. 

As announced by the trading platform, the regulatory approval was received from the Cyprus Securities and Exchange Commission (CySEC) and will give the startup the leverage to offer a suite of products and services to customers in Cyprus in compliance with local regulations.

“Europe is a priority region for Crypto.com and our continued expansion in the market is a testament to our commitment to compliance and collaboration with regulators,” said Kris Marszalek, Co-Founder, and CEO of Crypto.com. “Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”

Crypto.com comes off as one of the first trading platforms to extend its operations into the European Union and has been getting it right with local regulators in the region. As reported earlier by TheCoinRise, the trading platform recently received approval for its registration in Italy as a Virtual Assets service provider from the Organismo Agenti e Mediatori (OAM).

Besides these notable wins, Crypto.com is also licensed in Greece by the Hellenic Capital Market Commission, and it also has the in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore, and provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority.

Season of Regulatory Approvals

While Crypto.com is breaking new boundaries with its growing regulatory approvals, other cryptocurrency exchanges are also trailing the same path.

Earlier this year, FTX Derivatives Exchange also landed the same license from the Cyprus regulator to operate its exchange business in the country. The license tapped from the OAM in Italy has also been recently acquired by Coinbase Exchange, Gemini, and Binance, the world’s largest cryptocurrency trading platform.

Trading platforms today are not looking to enter into brawls with regulators, and are making the targeted move to be friends with regulators across the board, a trend that has led to the slew of license approvals in the past couple of weeks.