One of the most recognizable cryptocurrency exchanges – Singapore’s Crypto.com is not stopping in its strong expansion into the European market. According to a just-published statement on Cointelegraph, the company has received final approval from Cypriot authorities and can begin legally providing services in the country.
Crypto com is known to a wider audience for its very aggressive advertising campaign – we can see the company’s logo at Formula 1 races, NBA games or UFC galas. The brand is also associated with such screen stars as Matt Damon. In parallel with its marketing efforts, the company is seeking to regulate its legal status in more countries – so far approvals have been obtained in Italy, Greece, Dubai and Singapore, among others. Crypto.com co-founder and CEO Kris Marszalek assures that this is just another significant milestone in the implementation of the strategy to conquer new markets.
It should be noted that Europe has become a very important market for other exchanges as well, which at the same time realize that the specific legal situation of the EU is forcing decisive steps towards regulating their legal situation in the area. In March 2022, the FTX exchange received approval to operate in Cyprus. According to published information, Coinbase is also getting more serious about its expansion into the European market.
Founded in 2016, Crypto.com currently has about 50 million users, who on the platform provided have the opportunity to trade more than 250 cryptocurrencies, use a number of passive earning options and also a dedicated cryptocurrency credit card. Currently, the Crypto com exchange is ranked 8th in the ranking of the largest cryptocurrency exchanges published by CoinGecko.
The drive by such major crypto players as FTX, Crypto com and Coinbase to obtain approvals from financial institutions to provide their services confirms that the cryptocurrency market – initially thought to be free of any control or oversight is inevitably drifting towards a regulated and formalized financial sector. On the one hand, this should increase the security of our funds in our accounts, while on the other hand it gives institutions the opportunity to control our transactions and obtain a lot of other, often very sensitive information about us.
