- Crypto.com will make a suite of UK-localized e-money products available
- The FCA regime aligns with the exchange’s focus on consumer protection
Crypto.com has received authorization to operate as an electronic-money institution in the UK, the exchange announced in a press release. It has been licensed by the Financial Conduct Authority (FCA) to offer e-money products in the former EU country.
A suite of localized products
Crypto.com will make a suite of UK-localized e-money products available as part of the solid FCA regime that aligns with the exchange’s priority to uphold the highest standards of consumer protection. Crypto.com CEO Kris Marszalek said:
The UK 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.
Global compliance and licenses
Crypto.com has been making efforts to meet the requirements of regulators worldwide. It is a US Commodity Futures Trading Commission (CFTC) regulated Derivatives Clearing Organization (DCO) and a Designated Contracts Market (DCM) and was registered as a Digital Asset Service Provider (DASP) by the Autorité des marchés financiers (AMF) in France. Its application for an MVP Preparatory License has been approved.
The exchange has applied for a Virtual Asset Service Provider License in Dubai, which is pending operational approval from the Dubai Virtual Assets Regulatory Authority (VARA).
In June this year, Bankless Times reported that the Monetary Authority of Singapore (MAS) issued the leading cryptocurrency exchange a Major Payment Institution (MPI) license for Digital Payment Token (DPT) services.
Avoiding the fate of Binance, Kraken
Crypto.com is among the few leading exchanges to be spared grandiose settlements with regulators. At least for now, it seems to be avoiding the fates of Binance and Kraken. Binance recently reached a settlement of $4.3 billion with the US Department of Justice and has been subjected to monitoring by regulatory agencies in the next five years.
Less than two weeks ago, Kraken was sued by the US Securities and Exchange Commission (SEC) for allegedly commingling corporate and customer funds and operating as an unregistered dealer, broker, and clearing agency.
The SEC claims the San Francisco-based company broke numerous federal securities laws and created a "significant risk" by commingling up to $33 billion in its corporate assets with customer funds.
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