Leading crypto exchange CryptoCom has announced that it has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to fuel its European expansion.
Europe: a priority region for CryptoCom
According to the official press release, CryptoCom will now be able to offer a range of products and services to clients in the island country while complying with local regulations.
CryptoCom also recently obtained registration from the Hellenic Capital Market Commission of Greece, Organismo Agenti e Mediatori (OAM) of Italy, approval in principle of a Major Payment Institution License from the Monetary Authority of Singapore (MAS) and provisional approval of your Virtual. Asset license from the Dubai Virtual Assets Regulatory Authority.
Commenting on the latest regulatory go-ahead, CryptoCom co-founder and CEO Kris Marszalek said that Europe remains a key region for the platform’s expansion efforts. The executive went on to add,
“Europe is a priority region for Crypto.com and our continued expansion into the market is testament to our commitment to compliance and collaboration with regulators. Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”
Layoffs and expansion during Crypto Winter
As the crypto winter began, exchanges have resorted to various measures to manage working capital after a sudden drop in revenue, trading volume, and profitability. CryptoCom announced that it will lay off 5% of its corporate workforce as the market took a beating. However, people familiar with the matter said the true percentage is much higher.
But, on the expansion side of things, there is no stopping. Other platforms have also been expanding their operations globally. In addition to CryptoCom, FTX was also licensed by the Cyprus regulatory agency to launch FTX Europe earlier this year.
Gemini and Coinbase also made headlines during the volatility spike in the second quarter of the year by making workforce cuts. Both platforms have received regulatory licenses in Europe as part of their aggressive expansion roadmaps. While Coinbase acquired a crypto asset service provider license from Italy’s OAM, Gemini became the first crypto exchange authorized to operate as a VASP in Ireland.
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This post Cyprus SEC Gives CryptoCom Green Light to Offer Crypto Services
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