The crypto bear market has had different effects on exchanges across the space. While some have seen themselves go underwater during this time, others continue to thrive due to their established user base. One of those 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 Secures 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 done so even through the bear trend and is now moving to take its operations properly throughout 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 largest crypto exchanges such as Binance and FTX are yet to secure. It is recognized by all OSC and jurisdictions in Canada, given that it is through a joint Canadian Securities Administration (CSA) initiative, the report explained.
Although this does not completely give Crypto.com the green light to start offering crypto and digital assets services in the country, it is the very first step towards this. The pre-registration signing will see the OSC help the crypto exchange to build out “a suite of products and services in full compliance with Canadian regulations.”
This is another step in Crypto.com’s mission to provide crypto and digital asset products to users that are in full compliance with the law. Kris Marszalek, CEO of Crypto.com, explained that “Compliance underscores everything that we do at Crypto.com.” He further 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 the CSA in providing Canadian customers access to a safe, secure, and reliable global platform.”
The crypto exchange looks to be on a streak when it comes to securing regulatory approval for its operations. Back in July, it was reported that the Singapore-baed 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 the Electronic Financial Act and Virtual Asset Service Provider registration license in Korea, one of the hardest to secure, back in early August. On August 11th, Crypto.com announced another approval, this time receiving registration and regulatory approval as a Virtual Asset Service Provider from eh Cayman Islands Monetary Authority.
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