By
Bena Ilyas
May 6th, 2024
Crypto.com has become the first company to sign the Pre-registration Undertaking and acknowledge the Ontario Securities Commission for offering crypto products.
Singapore-based cryptocurrency exchange, Crypto.com has become the first company to sign the Pre-registration Undertaking and acknowledge the Ontario Securities Commission for offering crypto products. The document is identified by the Candian Jurisdiction and states the company’s commitment to rules and mandates assigned by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Autorité des marchés financiers (AMF) in Quebec.
According to the document, the signature realized by the OSC and all Canadian jurisdictions through a joint Canadian Securities Administration initiative, declares Crypto.com to be the first international cryptocurrency to function along the lines of the regulatory scheme in Canada. In February 2021, Crypto.com officially enlisted itself as a financial services organization with FINTRAC. A couple of months ago, the company collaborated with Canadian e-commerce firm Shopify to include ‘Crypto.com Pay’ as a payment method for each and every Shopify merchant on an international scale.
On the recent news of compliance, Crypto.com’s Chief Executive officer said that subordination with the relevant authorities is the strength of the firm. According to him, the North American market has shown the utmost potential to flourish as a crypto hub and therefore, the company is looking forward to operating in partnership with the OSC and Canadian Securities Administration to offer a safe and dependable medium for crypto business.
The company has also become the premiere organization to acquire a confirmation to operate in all jurisdictions including Quebec.
In June this year, the company had notoriously laid off several employees as the bear market in the crypto space extended for an unnaturally long period. This was also the time when the firm acquired an in-principal confirmation from the Monetary Authority of Singapore to propel its operations as a digital asset service provider. While the regulations on retail trading in Singapore become more conservative and restrictive, the exchange survived all this to become a Blockchain Association member in March 2022. This is not all, the company also has authorizations to work legally in the Cayman Islands, South Korea, Cyprus, Greece, and Italy.
Banking on the craze people share for sports, Crypto.com has turned to sports legends for promotions and advertisements. Not long ago, the company signed LeBron James for a Super Bowl advertisement. The firm has been investing exceedingly in sponsorships through sports, as it became the frontrunner sponsor for the 2022 Qatar FIFA World Cup. However, the firm also roped in Matt Damon for one of its commercials that drew flak over the recent market lows.
Crypto.com, in January this year, suffered a hack of around 4.6K ETH worth $15 Mn. The hackers laundered the funds on January 18th, using a tool named Tornado Cash which hid the association between the source and the destination funds.