Crypto.com Exchange Registers With UK Financial Regulator

The registration permits Crypto.com to pursue "certain crypto asset activities."

AccessTimeIconAug 16, 2022 at 9:10 p.m. UTC
Updated May 11, 2023 at 4:33 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Digital asset exchange Crypto.com registered with the U.K.’s financial regulator, the Financial Conduct Authority, according to data released Tuesday.

The Singapore-based firm, which serves more than 50 million customers, is now authorized to conduct “certain crypto asset activities” in the U.K., though what exactly those activities entail remains unclear. More details on the approval will come Wednesday, according to City A.M, which first reported the news.

Since its founding in 2016, Crypto.com has competed with other exchanges including FTX and Binance to cement its presence in international markets. Chief Executive Kris Marszalek has stressed Crypto.com’s commitment to compliance in discussing past arrangements. Still, the company has faced heat from the FCA over “misleading” advertisements.

Despite its global growth ambitions, Crypto.com has recently faced several roadblocks. In June, Crypto.com laid off 5% of its workforce, or 260 employees, as it navigated the headwinds of the bear market. On Tuesday, Decrypt reported Crypto.com was undergoing another round of layoffs.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Elizabeth Napolitano

Elizabeth Napolitano was a news reporter at CoinDesk.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



Read more about