Crypto.com, a leading global cryptocurrency platform, has received authorization to operate as an electronic money institution in the U.K., according to a press release by Coindesk.
The license will allow Crypto.com to offer e-money products in the UK market, expanding its reach and customer base.
The Financial Conduct Authority (FCA), the U.K.’s financial regulator, granted the authorization after Crypto.com met the requirements of the Electronic Money Regulations 2011 (EMRs).
The company also plans to use this license to offer E-money products to new customers in the UK.
The firm, Crypto.com has recently received licenses in Singapore, France, and Dubai and has also been cleared by the United States Commodity Futures Trading Commission as a derivatives clearing organization.
Crypto.com CEO Kris Marszalek had this to say about the approval;
“We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.“
Crypto.com is one of the fastest-growing cryptocurrency platforms in the world, with over 10 million users and a range of products and services, including a crypto app, a crypto card, a crypto exchange, a DeFi wallet, and an NFT marketplace.
Crypto.com has also been actively pursuing regulatory compliance and licensing in various jurisdictions, such as Malta, Australia, and Canada.
The firm has also secured several high-profile partnerships in the sports and entertainment industry, such as UFC, Formula 1, and Paris Saint-Germain.
Crypto.com’s authorization to operate as an E-money institution in the U.K. is a significant milestone for the company and the cryptocurrency industry as a whole, as it demonstrates the growing recognition and acceptance of crypto as a legitimate and viable form of money and payment.
With this move, users in the U.K. can now enjoy more convenience and security when using the platform’s products and services, as well as access to new features and benefits in the future.