Crypto.com news: The exchange gets UK approval
A leading cryptocurrency exchange, Crypto.com gets authorisation to operate in the United Kingdom. The country’s Financial Conduct Authority (FCA) provided the registration, in which the Crypto.com news announced on Wednesday. This will allow the firm to expand its crypto asset business throughout the UK as per the country’s regulations.
Co-Founder and CEO of the firm, Kris Marszalek, shared his views on the confirmation and declared it a ‘significant milestone’ for the exchange. He believes that as the UK is looking to become a global crypto hub, expanding the firms crypto services to the region at this time would benefit them. He also showed his commitment to cooperating with the FCA regulations in order to strike the balance of regulation and innovation.
Crypto.com news: Exchange to trade under FORIS DAX UK LIMITED
Other Crypto.com news suggests that the exchange might not work with this name in the UK. However, the FCA has listed a company under the name FORIS DAX UK LIMITED with the authorisation for certain crypto asset activities. It will also follow anti-money laundering and terrorism financing regulations in the country.
Under the FCA registered trading name, the platform can offer services including exchanging one digital token for another or exchanging digital token for fiat money or vice-versa.
Apart from that, FCA is also maintaining a list of unregistered businesses involved in digital assets trading. Along with 248 other names, CryptoCOM is also on the list. Mainly, the FCA has not authorised these companies as they fail to comply with the money laundering regulations.
Significant regulatory approvals for Crypto.com
In August, the exchange was able to secure significant regulatory approvals. Though the FCA approval is the most recent one for the firm. Crypto.com has been regularised by Canada’s Ontario Securities Commission (OSC) and Cayman Islands’ monetary authority. Canada’s OSC approved a pre-registration undertaking from the firm on 15 August. Cayman Islands’ authorities also accepted the exchange as a virtual asset service provider on 11 August.
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