Crypto.com granted regulatory approval in the UK

Cryptocurrency platform Crypto.com has announced that it has received regulatory approval from the UK’s Financial Conduct Authority (FCA). The green light will allow the company to offer fully compliant crypto services to customers across the UK.

Fresh on the heels of receiving approval from the Ontario Securities Commission to become the first global cryptocurrency platform to be legally allowed to operate in Canada, Crypto.com has followed this up Wednesday with the news of regulatory approval in the UK. 

Co-Founder and CEO Kris Marszalek said of the news:

“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 added:

“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.”

The move continues the momentum of Crypto.com’s increasing expansion across the world. The ecosystem now comprises more than 50 million users worldwide, with regulatory licences either received in full, or in the process towards being granted, in several jurisdictions worldwide.

However, given the crypto slow-down since the end of last year, Crypto.com has had to tighten its belt in order to maintain competitiveness. In June this year the company had to lay-off 260 employees, equating to 5% of its workforce.

To add to this, crypto news platform Decrypt has reported that according to a source at Crypto.com, the next round of cuts is going to be “much bigger”.

According to the article, a spokesperson did not confirm or deny the new lay-offs, but did provide the following statement:

“We announced reductions in June, and since that time we have optimized our workforce to align with current external economic headwinds. We have a strong balance sheet and will continue to invest in product, engineering, and brand partnerships moving forward.”

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.