The FCA has now given the Crypto.com platform permission to operate on British soil. approving a resolution confirming the platform’s desire to develop quickly on the ancient continent. Anyhow, with this approval, the Singaporean platform will be able to provide services to its British customers in accordance with local laws. In a statement made public, platform CEO and co-founder Kris Marszalek expressed his company’s appreciation for the news:
Official UK license for Crypto.com!
Crypto.com revealed the news via a press statement posted on its blog: the platform has just been given regulatory approval by the Financial Conduct Authority (FCA), the body in charge of policing the financial industry. British. Because of this registration, Crypto.com will be able to provide a wide range of goods and services to customers in the UK. The exchange was registered as FORIS DAX UK LIMITED, according to FCA records. The platform’s CEO and co-founder, Kris Marszalek, expresses his company’s appreciation for the news in the statement that was made public:
- This is an important milestone for Crypto.com, as the UK represents a strategically important market for us and at a time when the government is advancing its agenda to make Britain a global center for technology and investing in cryptoassets.
As Marszalek correctly points out, this FCA permission is a response to the government’s determination to advance in the area of digital assets. a market where Great Britain likewise wants to maintain a presence. The British government made it obvious that it wanted to be a center for bitcoin breakthroughs as early as last April. Local authorities, who were once wary of digital assets, now think that the key is to develop the correct legal framework. The aim? On a global scale, become one of the industry’s hubs!
PSAN coming soon to France?
The platform just gained authorization, which is comparable to French PSAN (Digital Assets Service Provider) authorizations. The group’s overall strategy is thus called into question on a European level as a result of its validation in the United Kingdom. The situation is a little more delicate in France. The AMF even placed Crypto.com to its blacklist in April of last year. because the platform had not submitted a PSAN request to sell its crypto services in France, according to the defense. The platform stated that it was prepared to work with others and submit its request right away in a press release that was published in May.
Currently, PSAN is mentioned by over fifty performers in France. This is especially true with the Binance platform, the world’s largest controlled exchange. eToro and other significant players also have PSAN status. Take note that the Coinhouse platform, which has been established since March 2020, received the first PSAN registration in France.
CySEC has already registered the Crypto.com website. a license that enables it to function as a bitcoin exchange platform on Cypriot soil. Greek and Italian authorities have already given the Singapore-based platform their approval to operate further in Europe. As a result, it appears to be maintaining the momentum and direction established a few months ago: that of expansion within the European continent. A statement that CEO Kris Marszalek repeatedly used in interviews.
Crypto.com grows, but it might keep cutting jobs
Although the cryptocurrency market has been more forgiving recently, the steep downturn that started last fall has had a negative impact on the entire industry. The majority of cryptocurrency businesses—outside of FTX and Binance—have had to play the firing card. For Crypto.com, this meant 260 employees were let go, or 5% of the total workforce. The platform then used the term “market circumstances” like many other participants did.
A top employee of Crypto.com recently indicated that the company would soon see another round of layoffs. However, the “leak’s” originator thinks it is doubtful that the exchange will make a formal declaration. She had vehemently reiterated that “everyone’s employment would be retained and that there would be no future layoffs” following the June layoffs.
The site currently has more than 50 million users worldwide. The platform that describes itself as having experienced the highest growth in the world intends to keep spreading its tentacles abroad. It can always place a wager on an aggressive partnership strategy centered on sports for this.
Reducing tensions with exchanges of regulators!
The moment is now for appeasement if ties between regulators and exchange platforms have frequently been acrimonious, like the Binance platform which was developed without a central entity. It appears that all sides of the debate have come to the realization that the crypto market is growing much too large to remain unregulated. As noted by Kris Marszalek:
- We are committed to the UK market and look forward to further developing our platform and UK presence by expanding our offering to clients, while continuing to work with regulators.