crypto.com
Crypto.com Partners BTG Pactual to Expand Latam’s Crypto Reach
Crypto.com, a Singapore-based cryptocurrency exchange, partnered with BTG Pactual, Latam’s largest investment bank, to expand the access of Latam’s traditional customers to crypto services. The team-up entails listing BTG Dol, BTG Pactual’s dollar-pegged stablecoin, in Crypto.com’s platform, and its promotion in several significant trading pairs with bitcoin and ethereum. Crypto.com to List BTG Pactual-Issued Dollar […]Crypto.com partners with the largest investment bank in Latin America
Crypto.com, Bybit and Other Centralized Exchanges See Trading Volume Skyrocket in December: Report
New data reveals that prominent centralized exchange (CEX) platforms, including Crypto.com and Bybit, saw their trading volumes surge in December. According to blockchain reporter Colin Wu, in December, the overall spot trading volume of centralized crypto exchanges rose 27.4% month-on-month despite some of them seeing notable dips. “In December, the spot trading volume of major […]
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US Crypto Firms Break New Record, Spending $18.96 Million on Lobbying in 2023: Report
US crypto firms are reportedly breaking records in terms of how much they’ve spent on lobbying in 2023. According to a new report by Reuters, the US crypto industry spent a combined $18.96 million on lobbying in the first three quarters of 2023, $2.86 million more than it spent during the same period in 2022. […]
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Crypto.com Gets Regulatory Approval for Electronic Money Institution in UK With Financial Conduct Authority
Crypto.com is announcing that it has been authorized as an Electronic Money Institution (EMI) by the UK’s Financial Conduct Authority (FCA). In a new announcement, the crypto exchange says that the new EMI authorization will allow it to offer a series of UK-based e-money products “as part of the robust FCA regime that aligns with Crypto.com’s […]
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Crypto.com granted Dubai crypto license
The license is pending operational approval and allows Crypto.com’s Dubai entity to offer exchange, broker-dealer, and lending and borrowing services.
Crypto exchange Crypto.com’s Dubai entity was granted a Virtual Assets Service Provider (VASP) license by the city’s regulator, pending operational approval.
In a Nov. 14 press release, Crypto.com said that once fully approved by Dubai’s Virtual Assets Regulatory Authority (VARA), its local business CRO DAX Middle East FZE can offer retail and institutional investors exchange, broker-dealer, and lending and borrowing services.
https://t.co/vCNztATkNg is proud to announce that we have been granted a Virtual Asset Service Provider Licence from Dubai's Virtual Assets Regulatory Authority, building on our position in the #UAE market.
— Crypto.com (@cryptocom) November 14, 2023
Learn more:https://t.co/0anXDLsxTv pic.twitter.com/EcgXCGEkMm
Crypto.com CEO Kris Marszalek said in a statement that it looks forward to working with regulators to contribute to Dubai’s crypto industry and said the city is a “leading market when designing effective regulation.”
In March 2022, the exchange pinned Dubai as its Middle East and North Africa hub. It received a provisional license from VARA in June 2022, followed by a minimal viable product (MVP) preparatory license in March this year.
Related: Standard Chartered’s venture arm to set up crypto fund in UAE
With United States regulators taking action against crypto firms, Dubai has become a sought-after destination for crypto businesses seeking legal clarity — with many firms eyeing the crypto-friendly jurisdiction as an emerging digital assets hub in the Middle East.
Binance Dubai General Manager Alex Chehad said that unlike the U.S., Dubai and the United Arab Emirates have provided a clear regulatory framework for crypto firms to follow, which made it easier for large companies like Binance to establish permanent headquarters in the region.
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Crypto.com to become preferred exchange for PayPal USD
PayPal launched its U.S. dollar-backed, Ethereum-built stablecoin in August 2023.
Singapore-based exchange Crypto.com has teamed up with PayPal and Paxos to become a preferred platform for PayPal USD (PYUSD).
According to a press release from Sept. 28, Crypto.com currently possesses the deepest liquidity for PYUSD trading pairs globally. The exchange has listed PYUSD for retail and institutional users, with “trading features coming soon.” This move builds on PayPal and Crypto.com’s previous partnership, such as an option to use PayPal to top up the Crypto.com Visa Card, according to the press release.
In his commentary, Joe Anzures, the Senior Vice President of Americas and Global Head of Payment Partnerships at Crypto.com, called Paxos “a market-leading issuer of stablecoins” and expressed the company’s excitement about the collaboration:
“Connecting our more than 80 million users to the latest crypto innovations, as well as supporting PayPal’s global network of consumers and merchants, will be pivotal in our continued pursuit of crypto to every wallet.”
PayPal launched its stablecoin in August 2023. The U.S. dollar-pegged stablecoin is built on Ethereum and fully backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents.
Related: PayPal’s stablecoin opens the door for crypto adoption in traditional finance
PYUSD is present on major exchanges including Bitstamp, Coinbase and Kraken, and is supported as a payment option by BitPay and Metamask. In September, the stablecoin became available to Venmo users. The New York State Department of Financial Services has also included PYUSD on its green list of coins approved by the regulator.
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Couple mistakenly sent $10.5M by Crypto.com to face October plea hearing
Thevamanogari Manivel was sentenced to 18 months of community corrections with six months of unpaid community work while her husband will face a plea trial in October.
The Melbourne couple who accidentally received 10.5 million Australian dollars (AUD), or almost $6.6 million, will be facing a plea trial in October for a theft charge after spending the funds that they received by mistake in 2021.
In May 2021, Thevamanogari Manivel transferred funds to her partner Jatinder Singh’s Crypto.com account. However, the exchange detected that the bank account did not match the exchange account. Therefore, a refund was issued, but instead of refunding the 100 AUD that the couple tried to put in, the exchange mistakenly sent 10.5 million AUD to Manivel’s bank account.
The mistake was not discovered until December 2021, when the exchange conducted its annual audit. After the exchange filed a lawsuit in the Victoria Supreme Court, the judge ruled that the funds should be given back to the crypto trading platform.
However, the couple had allegedly already gone on a spending spree before the mistake was discovered. The couple had reportedly bought four houses, vehicles and many other items and sent around 4 million AUD to a Malaysian bank account. One of the houses is a five-bedroom property in Craigieburn worth 1.35 million AUD, which was ordered by the court to be sold and the funds returned.
In October 2022, the couple argued in court that they thought they had won a prize from the crypto exchange. Singh claimed that he had previously received a notification from the company regarding a competition. However, Crypto.com compliance officer Michi Chan Fores denied that such a competition existed. Fores noted that the exchange did not send such notifications to their users.
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Manivel, who was charged with theft, has recently pleaded guilty to recklessly dealing with the proceeds of crime in September 2023. She was sentenced to an 18-month community corrections order which includes six months of intensive compliance and unpaid community work after she already spent 209 days in custody. Meanwhile, Singh is set to face a plea trial on Oct. 23.
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Crypto.com registers in the Netherlands, cleared to advertise services
The company received the green light from De Nederlandsche Bank to offer its services in the country.
Crypto.com is the latest cryptocurrency firm to receive a green light from the Netherlands Central Bank to offer its services in the country.
The platform announced that it had registered as a cryptocurrency service provider with De Nederlandsche Bank (DNB), following a comprehensive review of Crypto.com’s business and compliance with the country’s AML and terror financing prevention requirements.
As previously reported, 36 cryptocurrency-related businesses are currently registered with the Dutch central bank, with the likes of Coinbase Europe, eToro and Bitstamp notable operators that also have clearance to operate in the Netherlands.
Related: Coinbase enters the Netherlands with central bank approval
Cointelegraph spoke exclusively to Tobias Oudejans, DNB press officer for supervision, fintech, cryptocurrencies, resolution and payment systems, who noted that the DNB could not comment on specific registrations due to legal requirements of supervisory laws.
Oudejans clarified that the registration specifically allows cryptocurrency service providers to supply cryptocurrency wallets to customers and process fiat currency and cryptocurrency exchanges.
Crypto.com’s services were accessible in the Netherlands before the registration announcement. Oudejans told Cointelegraph that Dutch-based users are legally allowed to sign up for a service, but a company without registration would be acting illegally if it solicited or advertised its services to potential Dutch users.
Binance recently announced that it would give up efforts to register as a cryptocurrency service provider in the Netherlands and cease its operations in the jurisdiction, after failing to get approval from the DNB.
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