• Thu. Apr 18th, 2024

Crypto.com Secures UK License For Crypto Asset Activities

Aug 19, 2022

Crypto.com, a famous crypto exchange firm, has received the green light from the UK’s financial regulator to carry out some crypto asset activities. According to the report, the FCA (Financial Conduct Authority) had approved the company’s registration to offer such services.

FCA Approves Crypto.com’s Application To Conduct Crypto Asset Activities 

As per a Tuesday report in the regulator’s Financial Services Register, the company, FORIS DAX UK LIMITED, is now registered to perform some crypto asset activities. Also, the company received a status for money laundering regulation. 

Meanwhile, Crypto.com is registered as FORIS DAX UK LIMITED in the United Kingdom. Both parties have not yet commented on the recent development. 

Therefore, details of the approval are not available at the moment. However, the regulator’s website reveals that all firms that wish to conduct crypto asset operations must comply with the transfer of funds, terrorist financing, and money laundering regulations. 

According to the FCA, crypto asset activity includes the exchange of money for crypto assets and vice versa, using an automated machine to exchange and trade crypto assets.

Furthermore, the UK watchdog compiled the name of 248 UK firms that do not have the AML license to conduct crypto asset transactions. The watchdog had asked existing firms in the country to register as of January 9th, 2021, to continue operating.

Those whose applications were processed were given temporary registration. It is worthy to say that the regulator has the power to investigate financial crimes.

Crypto.com’s Latest Achievement In The Crypto Sector

Additionally, the FCA can impose penalties on firms that refuse to comply with its regulations. The regulator has issued several penalties on defaulting firms in 2022.

Meanwhile, Crypto.com is a Singapore-based crypto firm with more than 50 million customers globally. Recently, the company has been following the steps of Binance in pursuing regulatory licenses. 

The latest registration in the United Kingdom follows the company’s earlier application for a crypto trading license in Canada. Also, the firm received a license to be VASP on August 11th in the Cayman Islands.

On August 8th, the firm received a license to act as a VASP in South Korea. The country also gave Crypto.com Electronic Financial Transaction Act approval. 

The exchange had also acquired PnLink Company Ltd and OK-BIT Company Ltd, a payment service firm and VASP provider, respectively. 

These recent acquisitions and the company’s regulatory achievements show that Crypto.com is a trusted and secure exchange platform. The company’s CEO, Kris Marszalek, also tweeted about the exchange’s recent progress. 

Marszalek tweeted that the company is building its regulatory compliance position. It is also ready to provide a trusted and safe platform for crypto users in Canada.

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