Crypto.com Approved As Crypto Broker By Cyprus SEC

Cryptocurrency exchange Crypto.com has been approved to operate in Cyprus as crypto broker days after the exchange won regulatory approval in Italy.

The Cyprus Securities and Exchange Commission (CySEC) approved the exchange to offer "a suite of products and services to customers" while complying with local rules, the firm said in a statement last week.

“Europe is a priority region for Crypto.com and our continued expansion in the market is a testament to our commitment to compliance and collaboration with regulators,” said Kris Marszalek, co-founder and CEO of Crypto.com. “Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”

Crypto.com currently boasts around 50 million users amidst a bearish market and the firm recently received approval from the Organismo Agenti e Mediatori (OAM) to provide digital custody and crypto services to users in Italy.

The governance token of the Crypto.com exchange, Cronos (CRO), is ranked as the 24th biggest cryptocurrency in the crypto market as per data from CoinMarketCap.

The CRO token has performed extremely well in the bull market and was priced at $0.05959 on Jan. 1, 2021. CRO then went on to make an all-time high of $0.9698 noted on Nov. 24, 2021. The price of the token as of 11:53 p.m. ET was $0.1242, 87.17% lower than the all-time high.

Apart from Italy and Cyprus, Crypto.com recently received registration in Greece from the Hellenic Capital Market Commission followed by in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS).

Crypto.com, which is the 16th biggest crypto exchange in the space, also secured provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority.