Crypto.com has added Fintek Securities from Australia to its list of subsidiaries amid its global expansion.
Crypto.com, a leading crypto exchange, has made a strategic move to broaden its service offerings and bridge traditional and digital finance. The exchange recently announced the acquisition of Fintek Securities Pty Ltd, a licensed brokerage firm regulated by the Australian Securities and Investments Commission (ASIC). This move marks another milestone in the exchange’s ambition to become a comprehensive financial hub.
Crypto.com’s Latest Buy: An All-In-One Financial Platform
Crypto.com’s latest acquisition allows it to offer a range of regulated financial services in Australia. These include access to securities, derivatives, foreign exchange, and managed investment schemes. These products are accessible to eligible Australian customers, adding depth to Crypto.com’s suite of financial services.
Crypto.com’s CEO, Kris Marszalek, envisions a single platform where users can access various financial services, from crypto to traditional finance. The exchange plans to offer crypto derivatives and traditional stock trading by year-end. This will help it further match up with its exchange peers around the world.
The exchange plans to offer these services through dedicated subsidiaries. This move aims to improve accessibility and product integration for users. With Fintek’s Australian Financial Services Licence, Crypto.com can diversify its products to include deposits, foreign exchange, and investments.
The new services, set to launch soon, will enhance the user experience by making the platform more convenient and beneficial for customers. This move could make Crypto.com a top all-in-one financial platform in Australia.
Crypto.com Expands Globally Despite Regulatory Hurdles
Crypto.com’s reach extends beyond Australia. Just days ago, the exchange acquired Watchdog Capital, a US-based brokerage. This acquisition will enable the trading platform to offer equities and options trading in the United States.
Notably, the brokerage is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). This acquisition expands Crypto.com’s offerings to include traditional investment products under strict regulatory oversight.
However, Crypto.com needs help in its international expansion. Poland’s Financial Supervision Authority recently flagged its Maltese entity, Foris DAX MT, for allegedly operating without proper authorization. The regulator has referred this case for further investigation, underscoring the complexities of navigating regulations across different markets.
Despite these hurdles, Crypto.com’s acquisitions of Fintek and Watchdog are crucial steps in its goal to become a global financial platform. Crypto.com is positioning itself as a leader in the evolving financial landscape by aligning with regulatory standards in various regions.
Crypto.com has expanded beyond crypto by partnering with the UEFA Champions League as its official sponsor. This collaboration aims to enhance fan engagement by offering exclusive rewards and content, bridging the gap between football and cryptocurrency.
The partnership expands Crypto.com’s global presence, introducing millions of football fans to digital finance. At the same time, it solidifies the platform’s position at the intersection of traditional sports and the growing cryptocurrency industry.
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