Crypto Exchange Crypto.com Signs Commitment With Canada’s OSC
The crypto bear market has had varying effects on exchanges across the space. While some have seen themselves go under during this time, others continue to thrive due to their established user base. One of these has been Crypto.com, a crypto exchange that saw remarkable growth back in 2021. Now, the exchange is taking its operations one step further as it begins its planned expansion across North America.
Crypto.com ensures pre-registration in Canada
Throughout the bull market, Crypto.com had been one of the crypto platforms that had made its intentions to dominate globally known. It has made it through the bear trend itself and is now taking its operations right across North America.
On Monday, the cryptocurrency exchange announced that it had secured a pre-registration undertaking with the Ontario Securities Commission (OSC) in Canada. This pre-registration is the first of its kind for any international cryptocurrency exchange that even the biggest crypto exchanges like Binance and FTX have yet to secure. It is recognized by all OSCs and jurisdictions in Canada, given that it is through a joint Canadian Securities Administration (CSA) initiative, the report explained.
While this doesn’t quite give Crypto.com the green light to start offering crypto and digital asset services in the country, it is the very first step towards it. The pre-registration signing will see the OSC help the crypto exchange build out “a suite of products and services in full compliance with Canadian regulations.”
CRO price trending at $0.14 | Source: CROUSD on TradingView.com
This is another step in Crypto.com’s mission to provide crypto products and digital assets to users in full compliance with the law. Kris Marszalek, CEO of Crypto.com, explained that “Compliance underpins everything we do at Crypto.com.” He further went on to add that “The North American market, and specifically Canada, represents a significant area of potential growth for the crypto market, and we are proud to partner with the OSC and CSA to provide Canadian customers with access to a safe, secure and reliable global platform.”
The crypto exchange appears to be on a roll when it comes to securing regulatory approval for its operations. Back in July, it was reported that the Singapore-based exchange had received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) as it expanded into Europe.
Next had been the approval from the approval of Electronic Finance Law and Registration License for Virtual Asset Services in Korea, one of the most difficult to secure, back in early August. On August 11, Crypto.com announced another approval, this time receiving registration and regulatory approval as a Virtual Asset Service Provider from the Cayman Islands Monetary Authority.
The streak demonstrates a commitment to complying with regulatory laws, making Crypto.com a top contender for investor confidence going forward.
Featured image from Global Happenings, chart from TradingView.com
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