Crypto.com lands EMI licence from the UK’s Financial Conduct Authority
Cryptocurrency platform Crypto.com has secured an electronic money institution (EMI) licence from the UK’s Financial Conduct Authority (FCA).
Crypto.com secures EMI licence in the UK
With the licence in hand, Crypto.com says it plans to roll out a suite of e-money products that will be customised for the UK market, in compliance with the standards set out by the FCA with regard to consumer protection.
The move follows Crypto.com’s registration with the FCA as a cryptoasset business in August 2022.
“The UK has and continues to be a hugely important market for our business and the greater industry,” comments Kris Marszalek, CEO of Crypto.com. “We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”
The crypto firm hit a roadblock in the beginning of this year, axing 20% of its workforce or around 800 employees, owing to a “confluence of negative economic developments” and to ensure the company’s “long-term success”.
Founded in 2016, Crypto.com claims to serve more than 80 million customers, allowing them to buy and sell cryptocurrency through its exchange as well as purchase products and services with cryptocurrency via a card offering.
Crypto.com says it holds regulatory licences and/or approvals in Singapore, US, France, UAE, South Korea, Australia, Spain, Italy, Greece, Cyprus, Cayman Islands and Canada, among others.
