In the footsteps of FTX, Crypto.com is extending its operations throughout Europe. By getting Cyprus’s permission to be fully regulated in their nation through their agency CySEC, this time.
Taking over Europe
Users of the Crypto.com trading platform can purchase and sell more than 250 different cryptocurrencies. Additionally, it provides services like Google Pay support and Visa cards that may be used with cryptocurrencies.
As a result, Crypto.com keeps up its plan to use its platform to take over Europe, just as many other exchanges have previously done. The objective is to win the support of each entity that oversees the crypto industry in its own nation.
This time, Crypto.com has just received permission to operate on their territory as a platform for trading virtual currencies, thanks to their institution Cyprus Securities and Exchange Commission (CySEC). As a result, they can provide a variety of goods and services to their clients while also abiding by local laws.
The Singapore-based business is still working to secure contracts to conduct business in several European nations. Prior to Cyprus, a few months ago, they received regulatory clearance in Italy or Greece.
According to Kris Marszalek, CEO of Crypto.com, the site continues to give priority to its growth in the European region. Evidence of their willingness to fully and permanently establish themselves in this region while making every effort to obey the laws of each country.
Europe draws cryptocurrency exchanges
Cyprus has granted approval to other platforms than Crypto.com. This is also true of their primary competition FTX, which aims to keep expanding throughout Europe ever since it received the Cyprus agreement in March 2022.
Many platforms have decided to keep encroaching on Europe despite the current market. They view it as a sizable market with several opportunities due to the variety of customers.
Even though Cyprus recently granted Crypto.com permission to operate on its territory, numerous other platforms still seek this nation’s license. In recent years, the Cyprus government has not provided much information regarding the regulation of cryptocurrencies.
It turns out that a number of regional banks, notably the Bank of Cyprus, are rumored to have prohibited Bitcoin transactions in 2021. In September of the same year, CySEC announced its desire to improve cryptocurrency surveillance by incorporating anti-money laundering regulations from the European Union.
