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Cyprus regulator gives cryptocurrency exchange “CryptoCom” the green light to offer its services

Cyprus regulator gives cryptocurrency exchange “CryptoCom” the green light to offer its services

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Answer Cyprus regulator gives cryptocurrency exchange “CryptoCom” the green light to offer its services

CryptoCom, a leading cryptocurrency exchange, has announced that it has received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) to boost its European expansion.

CryptoCom considers Europe a priority area for it:

According company statementCryptoCom will now be able to offer a range of products and services to customers in the island nation while complying with local regulations.

Recently, CryptoCom also obtained registration and approval from the Hellenic Capital Market Commission, the Italian Organismo Agenti e Mediatori (OAM), initial approval from the Monetary Authority of Singapore (MAS), and a digital asset trading license from the Asset Regulatory Authority default in Dubai.

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Commenting on the latest regulatory license, Chris Marsalek, Co-Founder and CEO of CryptoCom, said:

Europe will continue to be a key area for the company’s expansion efforts.

He added:

Europe is a priority area for Crypto.com and our continued expansion of 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 continuous progress as we expand our products and services to more clients.

Layoffs and Expansion During the Winter of Crypto:

With the advent of the crypto winter, trading platforms have resorted to many measures to manage their working capital after a sudden drop in terms of revenue, trading volume as well as profitability.

CryptoCom has announced that it will lay off 5% of its workforce.

While people familiar with the matter said that the actual percentage is much higher.

But on the expansion side of the company, there is no stopping it.

Other platforms are also expanding their operations globally.

Read:After it was hacked…Cryptocurrency exchange “Bilaxy” offers some details

Aside 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 the height of volatility in the second quarter of the year by making a workforce cutback.

Both platforms received regulatory licenses in Europe as part of aggressive expansion roadmaps.

While Coinbase obtained a crypto-asset service provider license from Italy’s OAM, Gemini became the first crypto company licensed to operate as a VASP in Ireland.

Read also:

Ethereum founder Vitalik Buterin comments on the Ethereum Classic network!

After the upgrade and merge approach… Ethereum fees drop to their lowest levels in 2022


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