The Crypto.com cryptocurrency platform has announced to have received regulatory approval from the UK Financial Conduct Authority (FCA). The green light will allow the company to offer fully compliant crypto services to customers across the UK.
Fresh in the wake of receiving approval from the Ontario Securities Commission to become the first global cryptocurrency platform to be legally licensed to operate in CanadaCrypto.com followed news of regulatory approval in the UK on Wednesday.
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 its agenda to make Britain a global hub for technology and cryptocurrency investments “.
He added:
“We are committed to the UK market and look forward to further developing our platform and presence in the UK by expanding our offering to customers while continuing to work with regulators.”
The move continues the momentum of Crypto.com’s growing expansion around the world. The ecosystem now includes more than 50 million users worldwide, with regulatory licenses received in full or in the process of being granted in multiple jurisdictions around the world.
However, given the slowdown in cryptocurrencies since late last year, Crypto.com has had to tighten its belts to stay competitive. In June of this year the company had to do it dismissal of 260 employeesequal to 5% of its workforce.
To add to this, the Decrypt crypto news platform has reported that according to a Crypto.com source, the next round of cuts will be “much bigger”.
According to the article, a spokesperson did not confirm or deny the new layoffs, but provided the following statement:
“We announced reductions in June and have since optimized our workforce to align with the current headwinds in the external economy. We have a solid balance sheet and will continue to invest in product, engineering and brand partnerships going 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.