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Crypto.com beats Binance to UK regulatory approval

Crypto.com beats Binance to UK regulatory approval
Singapore-based firm counts 50 million users worldwide

Popular cryptocurrency platform Crypto.com has been granted regulatory approval to operate in the UK.

The Financial Conduct Authority said the exchange could pursue “certain crypto asset activities” with the license.

The Singapore-based company has seen massive growth in recent years, assisted by a record-breaking bitcoin bull run in 2020/2, as well as a major marketing campaign that has seen its name splashed on high-profile sporting events and stadiums.

The firm serves more than 50 million customers around the world but until now it has been unavailable for people in the UK.

“This is a significant milestone for Crypto.com, with the UK representing a strategically important market for us and at a time when the government is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment,” said Kris Marszalek, co-founder and CEO of Crypto.com.

“We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators.”

Figures from alternative finance site BanklessTimes suggest that crypto adoption in the UK increased 650 per cent in the UK between 2018 and 2021, with the government keen to protect consumers while also taking advantage of the potential in the space.

The FCA approval means Crypto.com will have to comply with anti-money laundering and terrorist financing rules.

The regulator is yet to approve other major crypto exchanges, including Binance, which is the world’s largest by volume.