Major crypto exchange Crypto.com secured approval from the U.K. Financial Conduct Authority (FCA) in its most recent addition to its list of newly confirmed territories.
While Crypto.com services were already available in the U.K., the FCA decision is a bullish indicator for the crypto industry overall.
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Crypto.com becomes one of just 37 crypto companies to be given official FCA approval, with companies as large as Revolut still holding only a temporary registration. Other entities holding full approval include Gemini, Ziglu, Bitpanda, Fidelity, eToro, Skrill, Uphold, and Wintermute.
The move makes Crypto.com the second largest exchange by trading volume to be approved by the FCA after Gemini. Crypto.com is “powered by CRO, ” the fifth-largest native exchange token by market cap and the largest market cap of any entity registered with the FCA.
The approval comes next in a growing list of territories that have given Crypto.com permission to operate officially over the past few months. Since July, Crypto.com has secured approvals and licenses in the Cayman Islands, Canada, South Korea, Cyprus, and Italy.
Within a crypto industry that is reeling from the news that open-source code is now the target of sanctions by OFAC in the U.S., Crypto.com is aggressively pursuing legal approvals across the globe to solidify its place in the market.
Crypto.com co-founder and CEO Kris Marszalek said:
“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.”
Crypto.com is actively hiring from the U.K. talent pool, with recent hires for the U.K. General Manager and Global Head of Sustainability and ESG. The company eyes the U.K. as a “high-potential market for cryptocurrency following a 650% increase in adoption.”
The addition of the FCA approval allows Crypto.com “to offer a suite of products and services to customers in the U.K., compliant with local regulations,” according to the press release. Whether this will mean access to new products and services remains unknown.
However, staying with local regulations may shelter Crypto.com from the possibilities of sanctions or other legal action amid a turbulent regulatory landscape. Crypto.com is registered under the name “FORIS DAX UK LIMITED” in the U.K.
All companies registered with the FCA need “to comply with the amended Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLRs) and register with the FCA,” according to the FCA register.
Nevertheless, the registration does not give direct protections to users as “it is unlikely that you will be protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme.”
A list of unregulated crypto asset firms can also be found on the FCA website. These companies are still required to comply with AML, CTF, and MLR regulations but have not yet registered with the FCA.
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