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Crypto.com Registers with UK Financial Conduct Authority

UTC by Mercy Tukiya Mutanya · 2 min read
Crypto.com Registers with UK Financial Conduct Authority
Photo: Depositphotos

Its UK registration is preceded by news of Crypto.com becoming the first global cryptocurrency platform to sign a preregistration undertaking with the Ontario Securities Commission (OSC) of Canada.

Cryptocurrency exchange Crypto.com has registered with the UK Financial Conduct Authority (FCA). This grants the firm, registered as “FORIS DAX UK LIMITED”, legal rights to undertake “certain crypto asset activities” in the United Kingdom as of August 16, 2022.

The exact scope of such activities remains unstated, but FCA’s definition of ‘crypto asset activity’ by exchanges includes services such as:

“(a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets,

(b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or

(c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets.”

Its UK registration is preceded by news of Crypto.com becoming the first global cryptocurrency platform to sign a preregistration undertaking with the Ontario Securities Commission (OSC) of Canada for operations in the country. The firm, earlier this month secured access to crypto and payment registration in South Korea following its acquisition of payment service provider PnLink Co., Ltd. and virtual asset service provider OK-BIT Co., Ltd. In an apparent effort to expand its global reach, Crypto.com has recently secured various forms of legal recognition in regions such as Singapore, Cyprus, Dubai, Greece, Italy, and the Cayman Islands.

Founded in 2016, the firm, based in Singapore, services over 50 million people worldwide and is in competition for the international market with major exchanges such as Binance and FTX. The firm has, in the past faced scrutiny stemming from what was deemed “misleading” and “irresponsible” advertisements by the UK’s Advertising Standards Authority (ASA). Like many other crypto firms trying to survive the bear market, Crypto.com has had to reduce its staff size. In June, the company laid off 260 employees and is reportedly expected to undergo another, more severe round of lay-offs.

Commenting on the FCA registration, Crypto.com CEO Kris Marszalek had this to say:

“Crypto.com continues building on a strong foundation of regulatory compliance, providing a safe and trusted platform to [the] Canadian crypto community”

Meanwhile, the FCA which required businesses carrying out “crypto asset activity” in the UK to register with it by January 9, 2021, has compiled a list of 248 businesses not in compliance. The Authority reserves the right to investigate and penalise businesses found wanting in this regard.

Blockchain News, Cryptocurrency news, News
Mercy Tukiya Mutanya

Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student. She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.

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