Leading crypto exchange, CryptoCom, has announced receiving regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to further its European expansion.
According to the official press release, CryptoCom will now be able to offer a range of products and services to customers in the island country while complying with the local regulations.
In recent times, CryptoCom also scored registration from Greece’s Hellenic Capital Market Commission, Italy’s Organismo Agenti e Mediatori (OAM), in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS), and provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority.
Commenting on the latest regulatory nod, Co-Founder and CEO of CryptoCom, Kris Marszalek, said Europe remains to be a key region for the platform’s expansion efforts. The exec went on to add,
“Europe is a priority region for Crypto.com and our continued expansion in the market is a 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.”
As the crypto winter set in, exchanges have resorted to several measures to manage working capital after a sudden fall in terms of revenues, trading volume, as well as 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 actual percentage is much higher.
But, on the expansion side of things, there’s no stopping. Other platforms have also been expanding their operations globally. Apart from CryptoCom, FTX also received licensing from Cyprus’ regulatory agency to launch FTX Europe earlier this year.
Gemini and Coinbase also made headlines during the peak volatility in the Q2 of the year by making workforce cuts. Both the platforms have received regulatory licenses in Europe as part of their aggressive expansion roadmaps. While Coinbase acquired crypto asset service provider license from Italy’s OAM, Gemini became the first crypto exchange authorized to operate as a VASP in Ireland.