Singapore-based cryptocurrency exchange company Crypto.com announced Monday that it has secured a crucial license from the U.K.'s financial regulatory body Financial Conduct Authority (FCA).
Crypto.com achieved a new licensing milestone after it was granted by the FCA the authorization as an Electronic Money Institution (EMI).
"We are proud to announce that Crypto.com has been authorized as an Electronic Money Institution (EMI) by the UK's Financial Conduct Authority (FCA), building on our position in the UK market," the exchange announced in the social media platform X on Monday.
With the authorization, the crypto exchange platform that has more than 80 million global users, can now offer UK-localized e-money products, tap into the increasingly growing U.K. electronic money market and provide e-money services like redemption, issuance and payment services.
"The UK has and continues to be a hugely important market for our business and the greater industry," Crypto.com CEO Kris Marszalek said, adding, "We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto."
Crypto.com President and COO Eric Anzaiani said, "We are proud to announce that Crypto.com has been authorized as an Electronic Money Institution (EMI) by the UK's Financial Conduct Authority (FCA), building on our position in the UK market and following our registration as a crypto asset business in August 2022," before adding, "We are continuing to strengthen our foundation of Compliance and Security to responsibly grow the web3 ecosystem and provide a safe and secure bridge between traditional and digital assets."
We are proud to announce that https://t.co/bbHWVWCATn has been authorised as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA), building on our position in the UK market and following our registration as a crypto asset business in August 2022 🇬🇧! pic.twitter.com/rX4MWotaXs
— Eric Anziani (@ericnode) December 4, 2023
The EMI authorization is the second license Crypto.com received from the U.K. following its registration as a crypto business by the FCA in August 2022 under the name Forisgfs UK.
The latest approval obtained by the exchange represents an added layer of regulatory compliance in the region aside from its earlier crypto registration.
With the two licenses, Crypto.com can now offer crypto and fiat-based financial services to its customers in the U.K.
Last month, the U.K. FCA started issuing licenses to complaint crypto exchange platforms and providing its list of crypto exchanges with licenses which include Gemini, Ziglu, Solidi, Coinpass, CoinJar, Kraken (Payward Ltd), Zumo, eToro, Uphold, Crypto.com (Foris Dax UK Ltd), Revolut, Bitstamp and PayPal UK.
Crypto.com, which was founded in 2016, over the years, has sought to increase its global presence and compliance registrations against increased regulatory scrutiny in the industry.
