The crypto-verse has been encountering quite a lot of scrutiny from regulators across the globe. While certain regulators have been outrightly calling out exchanges and ousting them, a few others have been welcoming crypto platforms with open arms. The UK has been rather cautious about all things crypto. However, Crypto.com seems to have garnered a thumbs up from the Financial Conduct Authority [FCA].
On Tuesday, the FCA revealed that prominent exchange Crypto.com would be allowed to carry out “certain crypto asset activities” in the UK. The firm managed to acquire a registration under FCA’s Financial Services Register, as ‘FORIS DAX UK LIMITED’. This is reportedly the name Crypto.com was listed in the UK.
In addition to conducting certain crypto activities, the firm also bagged Money Laundering Regulation Status.
According to the FCA, activities that Crypto.com would be allowed to offer, ranges from crypto-fiat exchanges and vice versa. Exchanging crypto for crypto also falls under this category.
Crypto.com to lead a global crypto revolution?
It’s no doubt that crypto exchanges like Binance have been on an expansion spree. Over the last couple of months alone, Binance has managed to receive licenses from governments across the globe. Crypto.com has time and again proved that it’s no less. The firm has even managed to thrive in places, Binance had failed.
Just last month, the exchange managed to receive approval from Singapore’s financial regulator. Following the downfall of an array of projects, Singaporean regulators have become rather hostile towards the industry. Despite this, Crypto.com was one among 14 platforms that received in-principle approval from the Monetary Authority of Singapore [MAS].
Yesterday, the firm signed a pre-registration undertaking with the Ontario Securities Commission in Canada. Over the last month, the firm went on to receive provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority. It entered Cyprus, South Korea, as well as Greece.
Looking at the rate at which Crypto.com was moving, it could soon overtake its counterpart Binance.