Crypto.com said the company was approved as a crypto service provider in the Netherlands after a thorough review of its business.
The Dutch National Bank approved Kris Marszalek’s crypto exchange shortly after showing the door to leading trading venue Binance.
Marszalek’s company has now successfully registered with regulators in the United Kingdom, France, and the United Arab Emirates as part of its global expansion roadmap.
Crypto.com successfully registered in the Netherlands as a crypto service provider regulated by the De Nederlandsche Bank (DNB) as the company moves to expand its footprints around the globe.
The company was approved by the Dutch regulator after a thorough review of its compliance with local anti-money laundering rules and other financial policies. “Collaborating with regulators to responsibly advance the crypto and blockchain industry is of paramount importance to Crypto.com,” CEO Kris Marszalek said hailing the approval as a major win for his company.
This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world
In addition to approval in the Netherlands, Crypto.com has also successfully registered for digital asset services in France, Australia, Spain, and Italy. The crypto exchange also boasts licenses in South Korea, Singapore, and Dubai.
Binance Out, Crypto.com In
Crypto.com beat Binance to the punch, securing a crypto license from the DNB while Changpeng Zhao’s company was denied approval.
After failing to register with the regulator, Binance announced its exit from the Dutch market amid a retrenchment from other European markets like Australia, Belgium, Cyprus, and the United Kingdom.
Both developments come at a time when the European Union has officially signed its landmark crypto bill into law ahead of its implementation in 2024. The Markets in Crypto-Assets (MiCA) Act requires that crypto operators and wallet providers submit comprehensive financial reports and undergo more rigorous checks.
MiCA also mandates that stablecoin issuers operate with sufficient reserves to meet demands.