Digital asset exchange Crypto.com registered with the U.K.’s financial regulator, the Financial Conduct Authority, according to data released Tuesday.
The Singapore-based firm, which serves more than 50 million customers, is now authorized to conduct “certain crypto asset activities” in the U.K., though what exactly those activities entail remains unclear. More details on the approval will come Wednesday, according to City A.M, which first reported the news.
Since its founding in 2016, Crypto.com has competed with other exchanges including FTX and Binance to cement its presence in international markets. Chief Executive Kris Marszalek has stressed Crypto.com’s commitment to compliance in discussing past arrangements. Still, the company has faced heat from the FCA over “misleading” advertisements.
Despite its global growth ambitions, Crypto.com has recently faced several roadblocks. In June, Crypto.com laid off 5% of its workforce, or 260 employees, as it navigated the headwinds of the bear market. On Tuesday, Decrypt reported Crypto.com was undergoing another round of layoffs.