The firm maintains the “highest” anti-money laundering standards in the industry, it said in a statement to CoinDesk.
Crypto.com Obtains Full Dubai Operational License
Singapore-based crypto platform Crypto.com has received full operational approval from Dubai’s Virtual Assets Regulatory Authority (VARA) for its local entity, CRO DAX Middle East FZE.
Crypto.com to Appeal $3.1M Fine by Dutch Regulator for Operating Without Registration
The Dutch central bank announced the fine was imposed for non-compliance before the company registered with the regulator.
Crypto.com Receives UK Authorization as an Electronic Money Institution
The exchange said it plans to use the license to offer e-money products in the U.K.
Crypto.com Acquires License In Dubai As Cronos (CRO) Price Slips
Crypto.com achieves yet another milestone with its recently acquired license from Dubai’s regulatory authority to offer services in the country by Dubai’s arm CRO DAX Middle East FZE.
Significance of Crypto.com Recent License
According to the announcement, Crypto.com Dubai’s entity acquired the coveted Virtual Assets Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA). This marks a major step for the firm as it aims to extend its services worldwide.
The recently acquired VASP license will enable the firm to completely satisfy selected conditions and localization requirements outlined by VARA. In addition, it will allow the firm to launch operations, upon receiving operational approval notice from the regulatory body.
Furthermore, it will enable the firm to offer regulated virtual asset service activities in the country. These include exchange services, broker-dealer services, management and investment services, and lending and borrowing services. These services are accessible to retail and institutional users in the market through the Crypto.com Exchange and Crypto.com App.
The announcement also saw the company highlighting Dubai as its regional hub for the Middle East and Africa. According to Crypto.com CEO Kris Marszalek, Dubai is one of the top markets for creating effective regulation for the crypto space.
“Dubai continues to show it is a leading market when designing effective regulation for the crypto space while still supporting adoption and innovation,” the CEO stated.
Since VARA released its specialized regulations for virtual assets in February 2023, Crypto.com has been working to be among the first virtual asset exchanges to operationalize its VASP Licence. Finally, the firm’s aim has been realized.
“It is an incredible honor to be one of the first crypto exchanges to be granted a Virtual Asset Service Provider Licence by VARA,” Kris stated.
The VASP license is one of the notable licenses acquired by the company this year. In March, Crypto.com also acquired an MVP Preparatory Licence from the Dubai regulatory authority.
Latest License Might Propel Cronos (CRO) Price
Over the past weeks, Cronos (CRO) has been seen as one of the best-performing coins. CRO experienced an impressive 57% price surge within the seven-day timeframe reaching the $0.1 mark.
The token outclassed some major cryptocurrencies in the top 100 ranking over the weekend. However, the crypto asset seems to have lost its momentum, as it fell from $0.1 to $0.088. According to CoinMarketCap, CRO is currently down by over 5% in the past 24 hours.
Related Reading: Snowfall Protocol (SNW), Shiba Inu (SHIB), and Cronos (CRO) – The Best Cheap Cryptos to Buy Now
So far, Crypto.com’s recent milestones have not had any current impact on CRO. Nonetheless, as the native token of Crypto.com, the license could spark larger adoption for CRO, which might help CRO regain its momentum.
Crypto.com Wins Digital Asset License in Dubai
Cryptocurrency exchange Crypto.com has been granted a licence to operate specified virtual asset service activities in Dubai.
Crypto.com granted Dubai crypto license
The license is pending operational approval and allows Crypto.com’s Dubai entity to offer exchange, broker-dealer, and lending and borrowing services.
Crypto.com to become preferred exchange for PayPal USD
PayPal launched its U.S. dollar-backed stablecoin in August 2023.
Australian Man Who Spent $6.7M Erroneous Crypto.com Refund Faces Theft Charges, Guardian Reports
Jatinder Singh and his partner bought four houses, cars, artwork and other luxurious items with money they received due to an accounting error by Crypto.com, according to the Guardian.
Couple mistakenly sent $10.5M by Crypto.com to face October plea hearing
Thevamanogari Manivel was sentenced to 18 months of community corrections with six months of unpaid community work while her husband will face a plea trial in October.
Crypto.com Trumps Binance, Securing Netherlands Registration as Larger Rival Withdraws
The Netherlands, which has taken a tough line on rivals such as Binance and Coinbase, follows France, Dubai and the U.K. in recognizing the crypto exchange.
Crypto.com registers in the Netherlands, cleared to advertise services
The company received the green light from De Nederlandsche Bank to offer its services in the country.
Crypto.com petitions US court to uphold arbitration decision for mistakenly sent $50K
The exchange said it “erroneously deposited” $50,000 into a user’s account in June 2022, receiving no response to requests to return the funds.
Crypto.com Approved to Operate in Spain
The crypto exchange said it has registered as a virtual asset service provider with the country’s central bank following a “comprehensive” compliance review.
Crypto.com Winding Down U.S. Institutional Business
Singapore-based crypto exchange Crypto.com will no longer be offering its service to institutional clients in the U.S. due to “limited demand,” the company announced Friday.
Crypto.com suspends US institutional exchange service
The global cryptocurrency exchange cites limited demand for institutional-grade services under current market conditions.
Crypto.com Integrates With CoinRoutes Smart-Order Routing System
The integration is part of CoinRoutes’ bid to expand liquidity access for its clients.
Crypto.com Receives Digital Token License in Singapore
The exchange received in-principle approval in Singapore last June.
Crypto.com launches ChatGPT-based AI user assistant Amy
The crypto exchange launched its AI user assistant to inform users about industry insights, including real-time token prices, projects and historical events.
Crypto.com Gets Closer to an Operational License in Dubai
Singapore-based digital asset trading platform Crypto.com has received a preparatory license from Dubai’s Virtual Digital Assets regulator.