Crypto.com has announced that it has received regulatory approval from the UK’s Financial Conduct Authority (FCA). The popular exchange can now function as a crypto business in the country. The Singaporean crypto exchange now has the liberty to offer crypto asset services and products to UK-based consumers. However, it is expected to comply with anti-money laundering and terror financing rules.
Crypto.com released an official statement to share the news. The Co-Founder and CEO of Crypto.com, Kris Marszalek stated that it is a “significant milestone” for the exchange. He further states that the platform is planning to expand its presence in the UK while working with the regulators. The crypto community of the UK is expanding at a fast pace.
Britain aims to become the global hub for crypto technology and investment. The country experiences a massive hike of over 650% in crypto adoption from 2018 to 2021. Therefore, Crypto.com is enhancing its operations in the region. Earlier this year, the exchange made several hirings in the country. Crypto.com also appointed a UK General Manager and a Global Head of Sustainability and ESG.
Crypto.com Continues to Acquire Regulatory Licenses Around the Globe
The exchange is home to more than 50 million worldwide crypto users. The exchange has already received in-principle license approval from the Monetary Authority of Singapore (MAS). Moreover, Crypto.com has provisional license approval from Dubai and South Korea. Along with this, it has registrations in Italy, Greece, Cyprus, and the Cayman Islands.
However, the exchange is still suffering from financial complications. Despite the positive development in the UK, Crypto.com might lay off more employees. Previously, the exchange had to lay off almost 260 employees in June. As per the exchange, the decision was taken due to the downtrend of the crypto market.
Recently, an anonymous employee of the exchange said that the company will conduct another round of layoffs in the coming days. After the June layoffs, the top management of the exchange said that there will be no more layoffs in the organization. Thus, no official announcement is expected from them.
On the other hand, the UK continues to ride high on crypto fever. The approval for Crypto.com shows that they are determinant in pushing forward their goal of becoming a global crypto hub. The FCA was previously criticized for declining registration applications from various crypto companies. As global watchdogs continue to continue regulators, several crypto platforms are in a race to comply with these authorities and acquire operating licenses.