Crypto.com receives UK’s EMI license, paving way for regulated expansion

abdelaziz Fathi

Cryptocurrency exchange Crypto.com has been authorized as an Electronic Money Institution by the United Kingdom’s Financial Conduct Authority (FCA).

This new license builds on the platform’s existing registration as a cryptoasset business, a status it attained in August 2022.

The EMI license will enable Crypto.com to issue and manage electronic money, expanding its service offerings beyond the initial focus of its cryptoasset business registration, which was primarily centered on anti-money laundering and counter-terrorist financing compliance.

Crypto.com said it received registration after it had completed a thorough review of its business and compliance practices to meet the country’s Anti-Money Laundering and counter-financing of terrorism requirements.

With this authorization, Crypto.com is set to introduce a variety of e-money products tailored for the UK market. This move places the company alongside other cryptocurrency firms, such as Coinbase and Gemini, which have previously obtained similar licenses.

In the broader context of the cryptocurrency industry, DeFi lending protocol Aave and crypto exchange Kraken have also secured EMI licenses in the UK and Ireland, respectively, along with registration in Spain for Kraken as a Virtual Asset Service Provider.

“The UK has and continues to be a hugely important market for our business and the greater industry. We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto,” said Kris Marszalek, CEO of Crypto.com.

Also in July, Crypto.com was granted approval by the Dutch central bank, De Nederlandsche Bank (DNB), to offer its cryptocurrency services in the Netherlands. This registration makes Crypto.com one of 36 cryptocurrency-related businesses currently approved by the Dutch central bank, alongside major players like Coinbase Europe, eToro, and Bitstamp. Interestingly, the approval came in the wake of Binance’s failure to secure registration in the Netherlands, leading to its exit from the country.

Crypto.com has been expanding its presence in various jurisdictions and has recently received regulatory approvals in Singapore, France, Italy, the U.K., Dubai, and Australia.

In a different context, Crypto.com discontinued its institutional exchange service for professional customers in the United States in June. The Singapore-based cryptocurrency exchange cited a decline in demand, likely influenced by the current market conditions in the US, including the ongoing legal actions against prominent exchanges such as Binance and Coinbase.

Read this next

Fintech, Uncategorized

AbbeyCross launches EM FX pricing solution for institutions

“All of our user types – from commercial banks to global charities – can now benefit from unparalleled access to real-time and historic FX rate data from leading payment partners. The ability to more easily benchmark providers and generate comparison reporting supports true price discovery and ultimately results in better decision-making.”

Retail FX

Taurex launches Taurex Trading App

“The vision was clear: to eliminate the complexities inherent in trading by providing a platform where security and simplicity are the cornerstones. The app’s intuitive design is intended to streamline trading interactions, making the process more accessible and direct for everyone.”

Fintech

FXCubic integrates with Devexperts’ white-label DXtrade CFD

“FXCubic’s profit-oriented risk management technology is a great fit for our client’s priorities. Partnerships with firms of this caliber, allow us to collectively strengthen our offerings, and keep pushing the industry forward.”

Financewire

Xsolla Releases Quarterly Insights Report On The Future Of Gaming And Game Development: A Preliminary Analysis Of Spring 2024 Metrics And Upcoming Trends

Xsolla, a global video game commerce company, published the Spring 2024 edition of “The Xsolla Report: The State of Play” today.

blockdag

Top Crypto Assets to Buy this May: BlockDAG’s X1 Mining App with 30,000x ROI Potential Amid Cardano’s Drop and BNB Price Resilience

Discover how Cardano, BNB, and BlockDAG drive crypto innovation. BlockDAG excels with the X1 mobile mining app, setting new standards.

Institutional FX

Broadridge integrates JP Morgan’s JPM Coin on repo platform

JPMorgan (JPM) has expanded the usage of its blockchain-based settlement token, JPM Coin, to include one of Broadridge’s repo platforms, the latest step in Wall Street’s evolving approach to crypto space.

Executive Moves

Former CFTC Chair Giancarlo joins crypto firm Paxos

Christopher Giancarlo, the former head of the U.S. Commodity Futures Trading Commission (CFTC), has joined the board of directors at stablecoin issuer Paxos.

Retail FX

TradingView now offers spread betting via Spreadex

Spreadex, a UK-based provider of sports and financial spread betting services, has extended its existing partnership with professional charting and trading platform, TradingView.

Retail FX

Prop firm True Forex Funds shutters over financial insolvency

Proprietary trading firm True Forex Funds announced that it is shutting down all operations permanently due to financial insolvency. Despite “numerous efforts” to rectify its financial situation, the company could not continue its operations.

<