Crypto.com exchange follows in FTX’s footsteps by targeting aggressive expansion in Europe after receiving CySEC approval.
Singapore-based cryptocurrency exchange Crypto.com continues to aggressively expand its reach, becoming the latest crypto firm officially authorized to operate in Cyprus.
Crypto.com has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC), the firm announced to Cointelegraph on July 22.
The approval enables Crypto.com to offer a number of products and services to customers in Cyprus in compliance with local regulations. The new regulatory milestone comes in line with Crypto.com’s growing global presence as the firm has been actively expanding its operations, receiving approvals to operate in countries like Italy, Greece and Singapore.
According to Crypto.com co-founder and CEO Kris Marszalek, the exchange currently prioritizes Europe as the main region for continued expansion. That is a “testament to our commitment to compliance and collaboration with regulators,” he said.
Crypto.com is not the only cryptocurrency exchange that has been approved to operate in Cyprus. Major rival exchange FTX has also been expanding in Europe after receiving approval from the CySEC in March 2022. Other exchanges like Coinbase have also been increasingly interested in expanding in Europe amid the ongoing bear market.
Despite global exchanges increasingly moving in the Cypriot market, the government of Cyprus has not provided too much certainty about cryptocurrency regulation in recent years.
Major local financial institutions, including the Bank of Cyprus, were reportedly blocking Bitcoin (BTC)-related transactions in 2021. In September, CySEC disclosed plans to increase oversight of cryptocurrencies by integrating the European Union’s Anti-Money Laundering regulations into Cypriot law.
The Crypto.com exchange allows users to not only buy and sell more than 250 cryptocurrencies but also features services like crypto-enabled Visa cards. The firm has been actively working to simplify payments on its platform, introducing the Google Pay option for Android users in July.