The U.K. Financial Conduct Authority FCA has approved a major criptocurrency exchange,Crypto.com, in its most recent addition to its list of newly confirmed territories.
With companies as large as Revolut still holding only a temporary registration, the company will be one of only 37 companies that have been approved by the FCA. Other entities with full approval include Fidelity, Bitpanda, Gemini, Ziglu, Bitpanda, eToro, Skrill, Uphold, and Wintermute.
The FCA has approved the second largest exchange by trading volume, makingCrypto.com the second largest exchange by trading volume. The largest market cap of any entity that is registered with the FCA is powered by CRO, the fifth-largest native exchange token by market cap and the fifth-largest market cap.
The approval comes in a growing list of territories that have given permission for the operation ofCrypto.com over the past few months. Since July,Crypto.com has been approved for licenses in the Cayman Islands, Canada, South Korea, Cyprus and Italy.
Kwon Park was appointed new managing director ofCrypto.com in May. Park was previously a Chief Strategy Officer at Bittrex.
In a market that is reeling from the news that Open-source code is now the target of sanctions by OFAC in the US, Cryptocurrencies.com is aggressively pursuing legal approvals across the world to solidify its place in the market.
The U.K. talent pool is currently hiring, with recent hires for the U.K. General Manager and Global Head of Sustainability and ESG. The company looks at the U.K. as a high-potential market for cryptocurrencies after a 650% increase in adoption. According to the press release, the FCA approval allows the company to offer a suite of products and services to customers in the U.K. that are compliant with local regulations. The possibility of sanctions or other legal action against Crypto.com may be sheltered by staying with local regulations. The name Cryptocurrency.com is registered in the U.K.
All companies with the FCA must comply with the amended Money Laundering, Terrorist Financing and Transfer of Funds Information on the Payer Regulations 2017 MLRs and register with the FCA, according to the FCA register.
The registration does not give direct protection to users, as it is unlikely that they will be protected by the Financial Ombudsman Service or the Financial Services Compensation Scheme. A list of unregulated criptocurrency asset firms can be found on the FCA website. These companies are required to comply with AML, CTF, and MLR regulations, but they have not yet registered with the FCA.