The crypto bear market has had different effects on exchanges across the space. While some have gone underwater during this time, others continue to thrive due to their established user base. One of them has been Crypto.com, a crypto exchange that saw remarkable growth in 2021. Now, the exchange is taking its operations a step further as it begins its planned expansion into North America.
Crypto.com secures pre-registration in Canada
Throughout the bull market, Crypto.com had been one of the crypto platforms that had made their intentions for global dominance known. It has made it even through the downtrend and is now moving to get its trades right across North America.
On Monday, the cryptocurrency exchange announced that it had secured a pre-registration commitment 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 largest cryptocurrency exchanges such as Binance and FTX have yet to secure. It is recognized by all CSOs and jurisdictions in Canada, as it is through a joint initiative of the Canadian Securities Administration (CSA), the report explains.
Although this does not completely give Crypto.com the green light to start offering crypto and digital asset services in the country, it is the first step towards this. Signing the pre-registration will see the OSC help the crypto exchange develop “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 and digital asset products to users that are fully compliant with the law. Kris Marszalek, CEO of Crypto.com, explained that “Compliance underlines everything we do at Crypto.com.” He went on to add that “The North American market, and Canada specifically, represent a significant area of potential growth for the crypto market, and we are proud to work with the OSC and CSA to provide Canadian customers with access to a secure global platform. , safe and reliable”.
The crypto exchange appears to be on a roll when it comes to gaining regulatory approval for its operations. 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 was the approval of the E-Financial Act approval and Virtual Asset Service Provider registration license in Korea, one of the most difficult to obtain, 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 shows a commitment to complying with regulatory laws, making Crypto.com a prime candidate to earn investor confidence in the future.
Featured image from Global Happenings, chart from TradingView.com
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