Crypto.com Gets Approval from UK Financial Regulator
Cryptocurrency exchange Crypto.com has been given approval to operate in the United Kingdom.
The Singapore headquartered digital asset firm was given a license by the UK’s Financial Conduct Authority, the updated register of the British regulator revealed on Tuesday.
According to the register, Crypto.com is mentioned in two registrations under ‘FORIS DAX UK LIMITED’ confirming that the firm has been approved for “certain cryptoasset activities” from August 16 onwards.
Crypto.com and the FCA have not yet officially commented on the news, but are expected to share more information on Wednesday.
Crypto.com has over 50 million users worldwide and is the official sponsor of the 2022 FIFA World Cup in Qatar. It recently got the green light to operate in Italy, Greece and Singapore, while back in March it opened an office in Dubai.
It has been a long battle for the exchange who since its launch in 2016 has fiercely been competing with crypto exchanges such as Binance and FTX to capture international market share.
The company has been agressively making a name for itself, as shown in the multiple mega partnership deals it has signed in the last year. In June 2021, Crypto.com agreed a $175 million deal with the Ultimate Fighting Championship (UFC). The exchange had already secured a $100 million deal with Formula One Racing and in November of 2021 it purchased naming rights to the historic Staples Center in Los Angeles, in a deal worth $700 million, which is now rebranded to “Crypto.com Arena.”
NBA Legend Lebron James was also taken on board to be the firms new face joining Matt Damon in the ‘Fortune Favors the Brave’ advertisement campaign.
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Source: igaming
