Crypto.com to Set Up EU Headquarters in Paris

UTC by Sanaa Sharma · 2 min read
Crypto.com to Set Up EU Headquarters in Paris
Photo: Unsplash

A couple of months ago, the company also received regulatory approval from Italian authorities

Crypto.com has revealed a 150 million euro investment in France to back its operations in the country, with an upcoming European headquarter in Paris.

Moreover, in addition to the introduction of the European Union headquarters in the city, the new investment will also pursue the hiring of native people to concentrate on compliance, business growth, and product along with funding marketing activities in the area.

Very recently, Crypto.com received official approval from the French regulatory authorities to function as a Digital Asset Service Provider (DASP). The approvals from the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) followed the examination of its procedures for AML and opposition against the financing of terrorism. Chief Executive Officer of Crypto.com, Kris Marszalek claimed that the European Market is at an extremely critical juncture for Crypto.com’s development and success.

A couple of months ago, the company also received regulatory approval from Italian authorities

Cryptocurrency platform Crypto.com will establish its European regional offices in Paris, according to the Singapore-based firm. While the exchange has more than fifty million subscribers all around the world, it received approval from French authorities in the last month itself.

Crypto.com also enjoys a regulatory nod from authorities in the United Kingdom. In May, cryptocurrency exchange and rival firm Binance claimed to have registered with France’s market regulator, with Binance France’s general manager David Princay mentioning the pursuit of an official license that would allow the firm to commence operations in the country.

Several other crypto exchanges like Luno have also procured licenses in France as the country plans to become the center for Blockchain Technology.

At the beginning of the year, Binance had also revealed a 100 million euro ($108 million) investment in France and collaboration with Paris-based startup incubator Station F. In the Paris Blockchain Week Summit that took place in April 2022, Binance CEO Changpeng Zhao said that the country is immaculately positioned at the forefront of the crypto industry in Europe. As part of the deal with Binance, startups will profit from the BNB Chain, NFT labs, and Binance Labs teams to evolve their ideas and possible associations with Binance colleagues.

Cryptocurrency news, News
Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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