Canada Leads the Way for Crypto.com! Crypto.com announced yesterday that it has signed a pre-registration with the Ontario Securities Commission in Canada. One more step towards the establishment of the exchange in the North American country.
A first agreement to settle in Canada
Crypto.com becomes the first crypto exchange to operate in Canada in compliance with local legislation. According to this agreement, the exchange undertakes to collaborate with the OSC (Ontario Securities Commission), the Canadian regulatory policeman, and to provide products and services in accordance with Canadian regulations.
In addition to this oversight by the CSO, Crypto.com already complies with the various regulations put in place by the Financial Transactions and Reports Analysis Center of Canada (FINTRAC) and the Autorité des Marchés Financiers (AMF) in Quebec.
The CEO of Crypto.com says about this announcement:
"Compliance is the foundation of everything we do at Crypto.com. The North American market, and more specifically Canada, represents an important area of potential growth for the cryptocurrency market.
We are proud to work with OSC and CSA to provide Canadian customers with access to a safe, secure, and reliable global platform."
Development in the 4 corners of the planet!
Another country in the sights of Crypto.com is South Korea.
In a statement dated July 8, the company has purchased South Korean company PnLink CO., a payment services company, and crypto exchange OK-BIT CO.
By acquiring these two companies, Crypto.com was thus able to obtain a license and register as a provider of virtual asset services.
Crypto.Com has also obtained various regulatory authorizations in Italy, Greece, and Singapore.
The exchange has also implemented an aggressive marketing and promotion strategy. Among his biggest hits was the takeover of the naming of the legendary Los Angeles Lakers room. Exit the Staples Center and welcome to the Crypto.com Arena for LeBron James and his friends.
The company is also present on the jersey of the Philadelphia 76ers, another team in the North American basketball league. It is also displayed in F1 where it has become the title partner of the Miami Grand Prix and the sponsor of the newsprint format for qualifying.
Crypto.com has no less than 50 million customers worldwide and this new registration demonstrates its desire to expand across the planet. According to the specialized site CoinMarketCap, the exchange ranks in the top 20 of the world's largest exchanges but is quite clearly behind FTX or Binance, particularly in terms of volume.
Crypto.com hit by the bear market
The exchange is gaining momentum even though it recently announced the layoff of nearly 260 employees due to the bear market and its consequences.
If it is not the only player in the industry to resort to such practices, it is not the first news that shows the austerity cure of the exchange.
Indeed, the latter has drastically revised its rewards and cashback policy on its credit card. Crypto has gone one step further by recently introducing new fees on its bank card.
In particular, you will have to pay a 1% commission to transfer funds to your crypto.com card from your bank card. Previously this was free.
The exchange had also removed nearly 15 cryptos, including Tezos or Dogecoin, from its earn program, allowing it to generate interest on your deposits. These various policy changes have angered many of its users.
Its CRO token is also subject to market conditions. It is currently trading around $0.15, or 84% below its ATH at $0.97 on November 24, 2021.
The latter is still experiencing an evident recovery like the market as a whole.
The latter is still experiencing an evident recovery like the market as a whole.
Despite these challenges, the exchange continues to move forward. Crypto.com wants to continue to grab market share and, like Binance, is counting on agreements with national regulatory authorities to continue its establishment around the world.
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