Elizabeth Napolitano
Elizabeth Napolitano is a news reporter at CoinDesk.
Digital asset exchange Crypto.com registered with the UK’s financial regulator on Tuesday, according to data from the Financial Conduct Authority.
The Singapore-based firm, which serves more than 50 million customers, is now authorized to conduct “certain crypto asset activities” in the UK, though what exactly those activities entail remains unclear. More details on the approval will come Wednesday, according to City A.M.
Since its founding in 2016, Crypto.com has competed with firms like FTX.com and BINANCE to cement its presence in international markets. Chief Executive Kris Marszalek has stressed Crypto.com’s commitment to compliance in discussing past arrangements. Still, it has faced heat from the FCA over “misleading” advertisements.
Despite its global growth ambitions, Crypto.com has recently faced several roadblocks. In June, Crypto.com laid off 5% of its workforce, or 260 employees, as it navigated the headwinds of the bear market On Tuesday, Decrypt reported Crypto.com was undergoing another round of layoffs.
