- Crypto.com is FCA approved.
- This license will allow crypto.com to launch cryptocurrency products locally in the UK.
- The series of approvals highlights the exchange’s responsible innovation in the rapidly evolving cryptocurrency market.
Singapore-based cryptocurrency exchange Crypto.com has achieved a significant milestone by securing an Electronic Money Institution (EMI) license from the UK’s Financial Conduct Authority (FCA).
This move will enable the exchange to introduce a UK-localized cryptocurrency product and comply with FCA’s strict consumer protection standards.
We are proud to announce that https://t.co/vCNztATSCO has been approved as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA), establishing our presence in the UK market.
Full details: https://t.co/r9lKtF1nkX pic.twitter.com/FMywky63yL
— Crypto.com (@cryptocom) December 4, 2023
Serving more than 80 million users globally, Crypto.com continues its strategic expansion with an emphasis on regulatory compliance in multiple jurisdictions.
Crypto.com’s E-Money License and UK Expansion
Crypto.com’s recent EMI approval from the FCA marks a pivotal step in the exchange’s efforts to market in the UK. This license will enable Crypto.com to offer a range of cryptocurrency products tailored for UK customers and act as a digital alternative to traditional fiat currencies.
The UK license follows the exchange’s previous registration as a cryptocurrency business in August 2022, enabling it to offer a range of products and services to UK customers while complying with local regulatory standards. CEO Kris Marszalek expressed the company’s commitment to the UK market and emphasized the importance of working with the FCA to ensure responsible innovation in the cryptocurrency space.
Crypto.com pursues global regulation
Crypto.com’s pursuit of regulatory approval extends beyond the UK. In November 2022, the Dubai branch secured a VASP (Virtual Asset Service Provider) license, allowing the exchange to provide services such as trading, broker-dealer, management, investment, lending, and borrowing in Dubai. Previously, in June 2023, the exchange finalized its registration in Singapore and registered as a VASP with the Bank of Spain, enabling it to offer compliant products and services in Spain while complying with anti-money laundering guidelines and financial crime laws.
These regulatory milestones highlight Crypto.com’s commitment to compliance and user protection while navigating the dynamic cryptocurrency markets. The strategic acquisition of licenses across multiple jurisdictions strengthens the exchange’s position as a global player committed to regulatory standards and responsible innovation in the evolving cryptocurrency landscape.