Singapore-based crypto exchange Crypto.com has obtained a license from the Financial Conduct Authority (FCA) in the United Kingdom that allows the firm to operate an Electronic Money Institution (EMI) within the U.K.
The news was confirmed by the exchange in the blog post on its website, where the firm stated that the recent development has allowed the firm to broaden its product offerings in the U.K. With Crypto.com getting an EMI license, the firm has said that they can now provide services related to UK-specific e-money products while operating under the regulatory umbrella of FCA and working hard to fully comply with the regulatory framework of the FCA while also trying to ensure that the consumers of their products are also protected under these regulations.
In August 2022, the exchange took a significant step by registering with the FCA as a crypto asset business in the U.K., marking its initial move towards gaining regulatory approval to establish a presence in the country.
Crypto.com CEO Kris Marszalek has expressed his thoughts on this achievement. He stated that the U.K. market is one of the important markets for his firm’s business. In his statement, he said: “The U.K. has and continues to be a hugely important market for our business and the greater industry.
We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”
The U.K. is not the only country where the Singapore-based exchange has tried and succeeded in gaining approval from regulatory authorities so that they can operate within the country. The firm has been actively trying to gain approvals from related financial bodies that include the Monetary Authority of Singapore, Autorité des marchés financiers (AMF) in France, Dubai Virtual Assets Regulatory Authority (VARA), and others in South Korea, Australia, Spain, Italy, and Greece. Crypto.com has received the green light from all these states.
The digital asset trading platform recently entered into strategic partnerships with global payments giant PayPal and stablecoin issuer Paxos, establishing itself as the preferred exchange for PayPal USD (PYUSD). The collaboration with PayPal has positioned Crypto.com as the trading platform with the most substantial liquidity for PYUSD trading pairs globally, serving both retail and institutional users. The increased liquidity means that Crypto.com has the most PYUSD available to buy or sell.
Furthermore, Crypto.com has expanded its services to the Netherlands, seizing the opportunity after Binance, the world’s largest crypto exchange, exited due to regulatory challenges. The platform received approval for registration with the De Nederlandsche Bank to offer crypto services within the country.
Crypto.com has been steadily growing since its launch in 2016 and now has over 80 million users worldwide. The company has always made compliance with regulations a top priority, and this has paid off. The recent FCA approval is particularly impressive as the agency is known for its strict guidelines when it comes to allowing crypto exchanges to operate within the country. The agency has maintained a list of 143 crypto exchanges so far that are not allowed to operate within their jurisdiction, which also includes some notable names like HTX (formerly Huobi) and KuCoin.
