According to published data cryptocurrency exchange Crypto.com has registered with the UK’s financial regulator, the Financial Conduct Authority (FCA).
Cryptocurrency Exchange Crypto.com Will Be able to Conduct “Certain Crypto Asset Activities” in the UK
The Singapore-based company, which serves more than 50 million customers, now has the authority to conduct “certain crypto-asset activities” in the UK, but it remains unclear what exactly these activities entail.
More details on the confirmation are due Wednesday, according to City A.M., which first reported the news.
Since its inception in 2016, Crypto.com has competed with other exchanges such as FTX and Binance to consolidate its presence in international markets. CEO Kris Marszalek emphasized Crypto.com’s commitment to compliance while discussing past regulations. Still, the company faced backlash from the FCA for “misleading” advertisements.
Despite its global growth goals, Crypto.com has faced a few hurdles lately. In June, at a time when bear winds were showing in the cryptocurrency market, the company announced that it was laying off 260 employees, which corresponds to about 5% of its workforce.
Decrypt reported on Tuesday that Crypto.com is going through another layoff.
bitcoin As the prices of cryptocurrencies and other crypto-assets fell, revenues of crypto exchanges also fell. Many companies, including giants such as Coinbase, made layoffs in order to cut costs in this process.
However, some global exchanges such as Binance reported that they were not affected by the drop and would even expand their recruitment programs.
*Not investment advice.
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