The latest report showed that the Crypto.com exchange had been handed a legal permit by the Spain government to offer crypto-related services and products to citizens in the territory. As such, the Crypto.com exchange is now a certified member of the Virtual Asset Service Provider (VASP) in the country.
According to reports, the famous US-based crypto exchange, Crypto.com, made an official announcement that it obtained its VASP license from the Bank of Spain earlier today. After several hurdles, the exchange is now legalized to offer crypto services in the region.
Furthermore, the exchange revealed that it went through a thorough and comprehensive review section with the Anti-Money Laundering Directive and other financial crime rules and user protection laws before it was awarded the legal operation license.
In addition, the CEO of Crypto.com, Kris Marszalek, commented that receiving the VASP enrollment from the Spanish government was a major milestone for them. He explained that it depicts their commitment and unrelenting effort towards ensuring absolute compliance with regulations and readiness to cooperate with regulators in their attempt to regulate and progress the crypto industry.
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Furthermore, Marszalek said the exchange is committed to cooperating with the Bank of Spain as it prepares to launch its crypto services and products in the Spanish markets, exposing the citizen to secure and fast transaction experience powered by blockchain technology.
Crypto.com Registers Success In Multiple Countries
Crypto.com conquers Spain and beyond
Today’s story is just one of the recent regulatory achievements by the giant Crypto.com exchange. According to the report, the exchange successfully achieved similar victories in other parts of the world, including Europe.
Earlier this month, the Singapore Monetary Authority bestowed a Major Payment Institution permit on Crypto.com. This permit would allow it to venture into digital payment Asset services in the country.
In addition, the financial authorities in France recently registered the exchange as a crypto asset service provider in its region. Also, the Organismo Agenti e Mediatori and the Hellenic Capital Market Commission of Italy and Greece, respectively, have licensed Crypto.com to operate in their countries.
Additionally, the Securities and Exchange Commission in Cyprus has recently approved the exchange’s license. Not only that, the Financial Authority and the Virtual Assets Regulatory Commission of the United Kingdom and Dubai, respectively, have also registered the crypto exchange.
At the same time, Crypto.com is legally registered by the VASP to operate in South Korea. More so, the AUSTRAC, coupled with the Australian Securities and Investments Commission, has also approved the exchange to offer crypto activities in the country.
The Exchange Vacates The US
However, despite the seemingly victorious exploits the Crypto.com exchange is experiencing in many countries, it is beleaguered by the recent crackdown action of the Securities and Exchange Commission in America, its business headquarter.
In the lawsuit, the SEC reportedly accused the exchange of executing unlawful insider trading, proprietary trading, and manipulation of the trading volume of the platform. The regulator also claimed that the exchange listed some tokens categorized as unregistered securities.
Reacting to the lawsuit, Crypto.com decided to shift its business focus from the US to offshore, ultimately closing down its business operation in America. However, the case is gaining traction as new evidence arises against the firm.
According to the report, about five anonymous entities recently opened up that Crypto.com engaged in proprietary trading. Their report depicts the exchange as a possible perpetrator of conflict of interest in the industry. However, the supposed complainant did not press legal charges against the exchange.
Rejecting the allegations, the giant crypto platform claimed that most revenues were generated from its retail traders’ application. It also claimed that it treats all its customers, traders, and market makers the same on the platform. It remains a game of time to know the result of the lawsuit.