Crypto.com has been approved by the UK government to provide services to UK customers, in accordance with local laws and regulations.
Crypto.com announced today that it has been granted regulatory approval by the UK’s Financial Conduct Authority to operate as a cryptocurrency business.
According to the FCA filings, the exchange is registered under FORIS DX UK LIMITED. The firm has also been approved by the FCA to comply with local anti-money laundering regulations.
Kris Marszalek is the CEO and co-founder at Crypto.com. He stated in the official announcement that “We are committed the UK market and look forward to developing and presence in the UK by expanding our offer to customers and working with regulators.”
Despite its recent gains in the UK, the crypto company has had to make substantial layoffs due to the downturn. The firm announced cuts of 5% in June, which is roughly 260 people, due to market conditions.
Yesterday however, a Crypto.com employee speaking in a managerial position, whose identity was confirmed by Decrypt, explained that another round had been planned.
The source stated that “top management is unlikely” to make an announcement after claiming that, following the June layoffs they said that everyone’s job was secure and that no layoffs would occur.
As of late, the United Kingdom has been bullish about crypto. Crypto.com’s approval shows that “the government [UK] continues to push forward with its agenda for making Britain a global hub in crypto asset technology and investments,” said Crypto.com’s CEO.
The government began to lay the foundation for its plans to be a center for innovation and crypto tech in April.
Rishi Sunak, the former UK Chancellor of Exchequer, expressed interest in research on stablecoins and crypto technology to help bring a forward-looking approach to the country.
To investigate how to better regulate cryptocurrency, the All Party Parliamentary Group was created. It focuses on “how the UK can fulfill this commitment” in order to be an epicenter of the industry.
