Crypto.com Secures Approval in Netherlands After Binance’s Exit

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Renowned Singapore-based cryptocurrency exchange Crypto.com announced on July 28 that it has been officially authorized for registration as a provider of crypto-related services in the Netherlands.

Crypto.com all set for Netherlands

According to a press release issued by Crypto.com on Friday, it is in line with its previous approvals by various regulatory authorities that it obtained from the Monetary Authority of Singapore. This includes its Major Payment Institution (MPI) license for Digital Payment Token (DPT) and its MPI for e-money issuance, account issuance, cross border and domestic money transfer services, among others. 

Struggles Amid Crypto Winter

Though the company has received a green flag from De Nederlandsche Bank (DNB), it did not always have it easy. At the beginning of the year, the turmoil in the cryptocurrency sector forced the company to cut 20% of its staff because the market was still pessimistic, as TheCoinRise reported. Crypto.com, which was launched in 2016, is now regarded with confidence by over 80 million clients globally and is a global leader in regulatory compliance, security, and privacy. Kris Marszalek, CEO of Crypto.com said: 

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“This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world.”

Crypto.com Receives Regulatory Green Flags in Several Countries

In June and December of last year, the exchange received in-principle approval for a Major Payment Institution Licence (MAS) from the Monetary Authority of Singapore (MAS) and a Payment Institution Licence (EMI) from the Banco Central do Brasil, respectively. 

However, according to a statement issued by the firm in June, US institutional clients were going to be unable to use its services beginning from that month only. For such a decision, it claimed “limited demand” from institutional clients due to the “current market landscape.” 

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Netherland’s Firm Stance

Notably, the Netherlands has always taken a firm stance on businesses such as Binance as well as Coinbase yet is currently joining jurisdictions such as the United Kingdom, Dubai, and France in recognising the corporation, known officially as Foris DAX Global Ltd.

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