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 focus of ensuring the highest standards of consumer protection.”

Says Crypto.com CEO Kris Marszalek,

“The UK has and continues to be a hugely important market for our business and the greater industry… We look forward to continuing to collaborate with a global regulatory leader in the FCA in our collective pursuit of responsible innovation for crypto.”

Crypto.com says the regulatory approval follows in the footsteps of its previous licenses, including in Singapore, France, South Korea, Italy and many other countries.

While the crypto exchange continues to make regulatory progress globally, the process has been slower going in the US.

In June of this year, Crypto.com announced it was winding down its US institutional services due to “limited demand from institutions in the U.S. in the current market landscape.”

In the same month that Crypto.com wound down its institutional services, the US government launched lawsuits against Binance, the largest exchange in the world, and Coinbase, the largest in the US.

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Featured Image: Shutterstock/nemovljatko