Digital asset exchange Crypto.com has been granted a licence to operate in the UK by the Financial Conduct Authority.
The registration will enable the Singapore-based operation to offer a suite of products and services to customers in the UK, compliant with local regulations.
Crypto AM first spotted the move yesterday evening when the FCA updated its register. Two entries under ‘FORIS DAX UK LIMITED’ showed the address and company details of Crypto.com, stating the firm was registered “for certain cryptoasset activities” from August 16 2022.
This morning, Kris Marszalek, co-founder and CEO of Crypto.com, confirmed the FCA approval in a statement.
“This is a significant milestone for Crypto.com, with the UK representing a strategically important
market for us and at a time when the government is pushing forward with its agenda to make
Britain a global hub for crypto asset technology and investment,” he said.
“We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators.”
In March, Crypto.com announced several senior hires in the UK, including the appointment of a
UK General Manager and a Global Head of Sustainability and ESG. The UK is seen as a
high-potential market for cryptocurrency, following a 650% increase in adoption from 2018 to
2021, according to research by BanklessTimes.
The move will come as something of a coup for the six-year-old firm which has been battling with crypto exchange giant Binance in the race to establish registration in various countries. Binance has not yet been able to win over UK regulators.
On Monday, Binance was handed a provisional licence to operate in Kazakhstan, while Crypto.com also announced it had signed a Pre-Registration Undertaking with the Ontario Securities Commission (OSC) in Canada.
The move made Crypto.com the first global cryptocurrency platform currently operating in line with regulatory undertaking in Canada. Under the terms of the agreement, Crypto.com has committed to working with the OSC to offer a suite of products and services in full compliance with Canadian regulations.
“Compliance underscores everything that we do at Crypto.com,” added Marszalek on the Canadian agreement.
“The North American market, and Canada specifically, represent a significant area of potential growth for the crypto market, and we are proud to work with the OSC and the CSA in providing Canadian customers access to a safe, secure, and reliable global platform.”
Founded in 2016, Crypto.com currently serves more than 50 million customers.