FTX went ahead with aggressive expansion recently, and it seems Crypto.com is following suit. The crypto exchange had previously issued regulatory approval for expansion in Europe, which has now been sanctioned by the Cyprus SEC.
Crypto.com’s having its headquarters in Singapore has taken some potential steps toward expanding across several countries, and it is the latest company to get authorized by the SEC of Cyprus.
As the cryptocurrency exchange has received permission to operate in Cyprus, Crypto.com can now extend its products and services in line with local regulations.
After actively expanding to countries like Greece, Singapore, and Italy, Crypto.com has earned the right to function in Cyprus. The cryptocurrency platform is working towards establishing its global presence and setting several milestones.
Kris Marszalek, the CEO and co-founder of Crypto.com, stated that the platform is currently focusing on Europe as its prime target for expansion. He further said that this is a testament to the firm’s collaboration and commitment with the regulators.
Who is going to be the competitor of Crypto.com in Europe?
As soon as the news of Crypto.com getting approval from the Cyprus Securities and Commission Exchange came, investors started comparing Crypto.com to its rival FTX. According to our sources, FTX applied for Cyprus SEC’s approval in March 2022 and has been operating and expanding in other parts of Europe.
Not only has Crypto.com followed FTX’s footsteps to operate in Europe, but some of the major names in the crypto industry, like Coinbase, are showing increased attention towards moving on to Europe for their firm’s growth.