The world’s fastest-growing cryptocurrency platform Crypto.com received the go-ahead from the Financial Conduct Authority (FCA) to operate as a crypto asset business in the United Kingdom. Crypto.com will now be able to provide a range of products and services to customers in the UK.
The approval comes as the UK regulator had in the past received backlash for turning down registration applications from several crypto companies.
Kris Marszalek, co-founder, and CEO of Crypto.com, highlighted this as a significant milestone for the company. He said the UK is a strategically important market for Crypto.com and that too at a time when the government is pushing its agenda to make Britain a global hub for crypto asset technology and investment. Marszalek said the platform is committed to the UK market and looks forward to developing the company and its presence by expanding its offering to customers. It will continue to work with governmental watchdogs.
However, the global crypto downturn has also hit the UK market. Crypto.com had to lay off staff. It cut off 5% – about 260 employees – in June because of the market conditions. A source says more cuts are expected, but the top management is unlikely to make an announcement as it had done previously. The management reiterates that everyone’s job was safe and there would be no more layoffs.