Crypto.com announces that it has been authorized by the UK Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI).
In a new announcement, the crypto exchange says the new EMI authorization will enable it to offer a range of UK e-money products “as part of the robust FCA regime which aligns with Crypto.com’s focus on ensuring the highest standards of consumer protection .”
Says Kris Marszalek, CEO of Crypto.com,
“The UK is and will continue to be a hugely important market for our business and the wider industry… We look forward to continuing to work with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”
Crypto.com says the regulatory approval follows in the footsteps of its previous licensing, including in Singapore, France, South Korea, Italy and many other countries.
While the crypto exchange continues to make regulatory progress globally, the process is slower in the US.
In June of this year, Crypto.com announced it would be discontinuing its US institutional services due to “constrained demand from US institutions in the current market landscape.”
The same month that Crypto.com shut down its institutional services, the US government launched lawsuits against Binance, the largest exchange in the world, and Coinbase, the largest in the US.
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Featured image: Shutterstock/nemovljatko