Crypto.com Earns Regulatory Approval to Operate in the UK

Crypto.com’s approval allows the exchange to offer services to UK customers in compliance with local laws and regulations.

By Emily Tonelli

Crypto in the UK. Image: Shutterstock

Crypto.com today announced regulatory approval from the UK’s Financial Conduct Authority (FCA) to act as a crypto business.

According to the FCA filing, the exchange is registered under FORIS DAX UK LIMITED. With this approval in hand, the firm also meets local anti-money laundering (AML) regulations.

Kris Marszalek, CEO and co-founder of Crypto.com, said in the official announcement: “We are committed to the UK market and we look forward to developing our platform and presence in the UK further by expanding our offering to customers, while continuing to work with regulators.”

Despite making inroads into the UK, the crypto firm has also had to execute hefty layoffs amid the latest downturn. In June, the firm announced cuts of 5%, or roughly 260 individuals, citing market conditions. 

Yesterday, however, a Crypto.com employee in a managerial role whose identity has been confirmed by Decrypt, spoke under condition of anonymity to explain that another round of cuts was also expected. 

“Top management is unlikely to do an announcement as, after the June layoffs, they claimed that everyone's job was safe, and that no more layoffs will happen,” the source said.

Decrypt confirmed the layoffs with two other current employee sources.

UK’s turn to crypto

The United Kingdom, as of late, has been bullish on crypto, and Crypto.com’s approval is just another way “the government [UK] is pushing forward with its agenda to make Britain a global hub for crypto asset technology and investment,” the exchange’s CEO stated.

In April, the government laid the bricks on its ambitions to become a hub for crypto tech and innovation. 

The UK’s former Chancellor of the Exchequer Rishi Sunak stated interest in researching stablecoins, crypto, and blockchain technology in an attempt to bring a “forward-looking approach” to the country.

The All Party Parliamentary Group was formed to investigate how to regulate cryptocurrency better, focusing on “how the UK can deliver on this commitment” to become an epicenter for the industry.