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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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.
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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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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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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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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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The global cryptocurrency exchange cites limited demand for institutional-grade services under current market conditions.
Crypto.com will no longer serve institutional clients in the United States after announcing the suspension of the service from June 21.
The Singapore-based cryptocurrency exchange cited limited demand from institutional customers as a primary reason for the move which has been exacerbated by testing prevailing market conditions.
A statement from Crypto.com noted that the platform’s institutional users were given advance notice of the decision to suspend the service. Crypto.com’s retail mobile application and platform remains fully operational in the U.S.
Related: Crypto.com scores fresh regulatory approval in France
American retail users still have access to CFTC-regulated cryptocurrency derivatives trading as well as its UpDown Options offering, which allows users to open long or short trading positions on future movements of various cryptocurrencies.
Crypto.com remains open to a potential relaunch of its institutional exchange in the U.S.
While it closes the curtain on its U.S. institutional offering, Crypto.com recently received an official major payment institution (MPI) license for digital payment token (DPT) services by the Monetary Authority of Singapore (MAS), allowing it to offer its services in the country.
June 2023 has proven to be a tumultuous one for cryptocurrency exchanges in America. The Securities and Exchange Commission (SEC) set its sights on Binance.US and Coinbase, starting legal proceedings against both exchanges for a myriad of alleged securities laws violations.
The wider cryptocurrency ecosystem has hit out at the SEC’s actions, as the U.S. regulatory crackdown on the industry seems to tighten some eight months on from the collapse of FTX.
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A prominent crypto exchange platform is listing a new memecoin just days after billionaire Elon Musk mentioned it in a tweet and sent it skyrocketing. In a new announcement, Singapore-based digital assets exchange Crypto.com says that it’s now listing Milady (LADYS), the meme asset associated with the Milady Maker non-fungible token (NFT) collection, on its […]
The post Crypto.com Lists Milady (LADYS) NFT Memecoin Two Days After Elon Musk Tweet appeared first on The Daily Hodl.
Crypto.com exchange CEO and co-founder Kris Marszale says he expects tough times ahead as the US banking turmoil gathers pace. In a new Ask Me Anything (AMA) video session on the crypto exchange’s YouTube channel, Marszalek says that while governments have stepped in amid the banking crisis, there will be “some pain” before normalcy returns. […]
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The crypto exchange launched its AI user assistant to inform users about industry insights, including real-time token prices, projects and historical events.
Artificial intelligence (AI) continues its pervasive entry into industries worldwide. The latest crypto industry adoptee is Crypto.com after it announced its new generative AI user assistant.
Crypto.com announced “Amy" on May 2. It is the new AI companion of the crypto exchange built to inform users with information on the industry, including real-time token prices and projects, historical events and more. According to the announcement, Amy, which uses ChatGPT as its base, is currently in the pilot phase to “gather learnings” before future expansion.
Abhi Bisarya, the executive vice president of product at Crypto.com, says the company is “bullish” on the usage of AI in crypto.
“As with other businesses and sectors, we see incredible potential and opportunity in the convergence of AI with the crypto industry and our platform specifically.”
A Crypto.com spokesperson told Cointelegraph that although these are the “early days” of generative AI, there is potential for “massive positive implications” for many industries if done responsibly.
“This is particularly the case for crypto when it comes to helping educate users about the underlying technology and financial services more broadly."
As for drawbacks, the spokesperson said they expect a lot of feedback from this AI pilot, which will be “integrated into future upgrades."
Related: Coinbase exec uses ChatGPT ‘jailbreak’ to get odds on wild crypto scenarios
Crypto.com joins the ranks of other cryptocurrency exchanges and wallets in the space that have integrated AI features into their platform. The OKX exchange recently launched an AI algorithm to capture crypto market volatility.
The Web3 infrastructure company Solana Labs announced its own ChatGPT-based plugin on April 26, which uses AI to fetch blockchain data to check wallet balances, transfer tokens and purchase NFTs.
Binance also launched an AI chatbot. Like Crytpo.com, the Binance chatbot emphasizes user education though the latter’s chatbot is specifically a part of its Web3 academy.
The cryptocurrency exchange and digital asset trading platform Bitget recently pledged $10 million towards the development of the Fetch.ai ecosystem, along with “providing consultations on marketing” and other services to help Fetch expand its business network.
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This year, the world has witnessed a surge in the popularity of artificial intelligence (AI) software, with a plethora of cutting-edge platforms such as Openai’s Chatgpt 3.5, Chatgpt 4.0, DALL-E, Stable Diffusion, and other innovative tools like Midjourney and Google’s Bard taking the internet by storm. Amidst this technological revolution, Crypto.com’s CEO Kris Marszalek recently […]