Cyprus SEC Greenlights CryptoCom to Provide Crypto Services

Leading crypto exchange, CryptoCom, has announced receiving regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to further its European expansion.

Europe: a priority region for CryptoCom

According to the official press release, CryptoCom will now be able to offer a range of products and services to customers in the island nation while complying with local regulations.

More recently, CryptoCom has also obtained registration from Greece’s Hellenic Capital Market Commission, Italy’s Organismo Agenti e Mediatori (OAM), in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS), and provisional approval of its Virtual Asset License from Dubai Virtual Assets Regulatory Authority.

Commenting on the latest regulatory nod, CryptoCom co-founder and CEO Kris Marszalek said Europe remains a key region for the platform’s expansion efforts. Exec added,

“Europe is a priority region for Crypto.com and our continued expansion in the market is a testament to our commitment to compliance and cooperation with regulators. Our registration in Cyprus is the next important step in our continued progress as we expand our products and services to more customers.”

Layoffs and expansion during crypto winter

As the crypto winter set in, exchanges have resorted to several measures to manage working capital following a sudden drop in revenue, trading volume and profitability. CryptoCom announced it will lay off 5% of the company’s workforce as the market took a beating. However, people familiar with the matter said the actual percentage is much higher.

But on the expansion side, there is no stopping. Other platforms have also expanded their operations globally. Apart from CryptoCom, FTX also received a license from the Cyprus Regulatory Agency to launch FTX Europe earlier this year.

Gemini and Coinbase also made headlines during peak volatility in the second quarter of the year by cutting their workforces. Both platforms have received regulatory licenses in Europe as part of their aggressive expansion roadmaps. While Coinbase acquired a crypto asset provider license from Italy’s OAM, Gemini became the first crypto exchange to be authorized to operate as a VASP in Ireland.