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HomeLaw & PoliticsCrypto.com obtains approval to perform certain unspecified "crypto activities" in UK

Crypto.com obtains approval to perform certain unspecified “crypto activities” in UK

According to a report, UK financial regulator the Financial Conduct Authority (FCA) has given permission to digital asset exchange Crypto.com to engage in a number of unspecified “crypto activities ” in the UK on August 16.

The registered UK trading name for Crypto.com is FORIS DAX UK LIMITED. The FCA’s Financial Services Register indicates that “FORIS DAX UK LIMITED” was given Money Laundering Regulation Status and registered to engage in certain “crypto activities.”

Although the FCA website suggests that businesses engaging in crypto asset activity in the UK should register in order to comply with money laundering, terrorist financing, and transfer of funds regulations. The FCA is able to inspect non-compliant businesses and punish them thanks to its enforcement powers.

The Singapore-based company Crypto.com, which has over 50 million customers, is now authorised to conduct “certain crypto activities” in the UK, though the nature of those activities is unclear. According to the sources, more information on the approval will be released on August 17.

Since its launch in 2016, Crypto.com has faced competition from exchanges like FTX and Binance to establish itself in foreign markets. When discussing prior agreements, Chief Executive Kris Marszalek emphasised Crypto.com dedication to compliance. Nevertheless, the FCA has criticised the company for running “misleading” advertisements.

Read more at Cryptoshrypto:

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