Interestingly, Cyprus Securities and Exchange Commission (CySEC) has conferred upon Crypto.com the approval to offer its services in the country.
Crypto.com which is recognized as one of the world’s fastest-growing cryptocurrency exchanges can now extend a wide range of its services to Cypriots. The exchange has confirmed that its transactions will be done in line with the indicated local regulations.
On Twitter, Crypto.com excitedly announced the approval as another milestone in Europe.
A few days ago, the exchange received regulatory approval from Organismo Agenti e Mediatori (OAM). The OAM is Italy’s top financial and anti-money laundering (AML) regulator. Receiving these approvals further expands the exchange’s roots in the region and aligns with its vision to build lasting growth in Europe.
Globally, Crypto.com with over 50 million users keeps reaching major milestones and expanding sporadically. It has received approvals from the world’s major trading countries like Greece and Dubai. Recently, the Singaporean-based exchange tapped an approval license from its local abode Singapore.
Crypto.com and Other Exchanges Dive into Major Crypto Markets
In line with growing regulatory approvals, the Monetary Authority of Singapore (MAS) issued in-principle approval to the Crypto.com exchange prior to this time.
The license in turn transferred the title of Major Payment Institution on Crypto.com. As a crypto firm recognized to operate within regulations, all its offerings will be regulated under the Payment Service Act.
In like manner, other crypto firms are steadily targeting Europe for expansion. The region is acknowledged as one that has countries with large markets by gross domestic product (GDP). Invariably, Sam Bankman-Fried’s FTX launched into the region with a subsidiary dubbed FTX Europe.
FTX Europe also received approval from the Cyprus financial market regulator, CySEC. Patrick Gruhn, a partner at Crypto Lawyers LLC. a Swiss law firm was tapped to lead the FTX Europe team.
Additionally, Kris Marszalek, CEO and Co-founder of Crypto.com implied that the exchange is intentional and priorities its expansion into Europe. He regards it as a testament to the exchange’s commitment to compliance and collaboration with regulators.
Per his words;
“Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”