CryptoCom, a leading crypto exchange, announced that it has been granted regulatory approval by the Cyprus Securities and Exchange Commission, (CySEC), to expand its European operations.
Europe is a Priority Region For CryptoCom
According to the press release, CryptoCom will be able now to offer a variety of products and services for customers in the island nation while adhering to local regulations.
Recent times have seen CryptoCom receive registration from Greece’s Hellenic Capital Market Commission, Italy’s Organismo Agenti e Mediatori, in-principle approval from the Monetary Authority of Singapore for a Major Payment Institution License (MAS), provisional approval from the Dubai Virtual Assets Regulatory Authority for its Virtual Asset License (OAM).
Kris Marszalek (Co-Founder and CEO, CryptoCom) commented on the regulatory approval. He stated that Europe is still a crucial region for the platform’s expansion plans. He continued,
“Europe is a priority market for Crypto.com, and our continued expansion on the market is a testament our commitment to compliance with regulators and collaboration with them.” As we continue to grow our services and products, our registration in Cyprus is the next step.
Layoffs and expansion during Crypto Winter
After a sharp drop in trading volume and revenues, the crypto winter came to an end, and exchanges had to resort to various measures to manage their working capital. CryptoCom announced it would lay off 5% of its corporate staff as the market suffered. People familiar with the matter claim that the actual percentage is higher.
However, expansion is not a slow process. Others platforms are also expanding globally. FTX Europe was also licensed by Cyprus’ regulatory agency earlier this year.
Gemini and Coinbase made headlines in peak volatility during Q2 by cutting their workforce. As part of their aggressive expansion plans, both platforms received European regulatory licenses. Coinbase received a license as a crypto asset provider from Italy’s OAM. Gemini was the first cryptocurrency exchange to be authorized to operate in Ireland as a VASP.
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