UK’s finance watchdog Financial Conduct Authority (FCA) approves Crypto.com, giving the exchange platform a boost.
Crypto.com has remained a leader among crypto exchanges and on Wednesday, it got a key approval that gives it an edge over other rivals.
The FCA is an independent financial body that is financed by fees from its members and regulates financial firms providing services to consumers in the UK. It is in charge of maintaining the integrity of the financial markets.
An approval from this body means that Crypto.com offers crypto asset services and products to customers in the UK. Also, it means that the company has to comply with anti-money laundering and “terrorist” financing rules, making it liable for several things.
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In a statement, the company 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.
“We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators.”
In March 2022, the company hired a UK General Manager, a Global Head of Sustainability, and ESG to foster its growth in the region. It sees the UK as a high-potential market for cryptocurrency.
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