Bitcoin exchange Crypto.com gained acceptance from a European country shortly after regulatory approval in Singapore.
Crypto.com gets regulatory approval from Spain
Singapore-based cryptocurrency exchange service provider Crypto.com has received a virtual asset service provider registration from the Bank of Spain. On June 1, the exchange announced that it had obtained a major payment institution (MPI) license from the Monetary Authority of Singapore (MAS). Singapore’s approval comes after Crypto.com received principle approval from MAS in June 2022.
For the final license in Spain, Crypto.com had to thoroughly review Anti-Money Laundering Directive compliance and comply with other financial crimes laws before getting approval. Spain’s adoption came within weeks of receiving a major payment institution license for digital payment token services from the Monetary Authority of Singapore.
We're excited to share our latest regulatory achievement in Europe!
We have obtained our Virtual Asset Provider Registration in Spain 🇪🇸🙌
Learn more:https://t.co/ZGmgE9n937 pic.twitter.com/fmkWt6npvK
— Crypto.com (@cryptocom) June 23, 2023
Recent developments add to Crypto.com’s history in securing regulatory licenses. The exchange was also registered as a digital asset service provider in France and a cryptocurrency business in the UK.
“We look forward to continuing to work with the Bank of Spain”
Kris Marszalek, CEO of Crypto.com, described his entry into the Spanish crypto market as a testament to his “commitment to compliance.” Marszalek also expressed that they want to work with the country’s central bank:
We look forward to continuing to work with Bank of Spain as we launch our products and services and provide users with the comprehensive, safe and secure crypto experience they desire.
Crypto.com expands its global adoption
Recent regulatory approval means the exchange is a recognized platform in nearly a dozen countries. Outside of Spain, Crypto.com has also received approval from the following countries.
- Singapore
- France
- United Kingdom
- Dubai
- South Korea
- Australia
- Italy
- Greece
- Cayman Islands
Other Bitcoin exchanges take aggressive stance against SEC
As Crypto.com maintains its global acceptance, the SEC’s Binance-Coinbase lawsuits have had a direct impact on the exchanges’ expansion efforts. While the SEC was the first to act, Binance lawyers are currently accusing Chairman Gary Gensler of a conflict of interest. Binance also claimed that before Gensler became head of the SEC, he held an unofficial advisory role on the exchange.
In the last filing, Binance took an aggressive stance in its dealings with the SEC. The legal team claimed in the US Columbia Court that the SEC spread misleading statements regarding the management of client assets. Binance stressed that there is no evidence to support the SEC’s claims regarding the unauthorized consolidation or diversion of client assets.
These actions by Binance point to developments that could potentially affect judges. Additionally, Binance’s legal team has accused the SEC of violating court rules and its own code of conduct. If Binance’s proposal is approved by the judge, it could restrict the SEC from making certain public statements. In addition, Binance claimed that these statements will cause confusion in the market. The outcome of this legal dispute will undoubtedly have significant ramifications for Binance, the SEC, and the cryptocurrency industry.
