Source: Cointelegraph
Original: “Crypto.com Secures EU License, Launches Crypto Financial Derivatives”
The mobile-focused cryptocurrency exchange and payment platform Crypto.com has obtained a license to offer cryptocurrency financial derivatives in the European Economic Area.
According to an announcement on May 21, Crypto.com has secured a Markets in Financial Instruments Directive (MiFID) license.
“We have expanded our brand presence in Europe since obtaining the MiCA license, and now we look forward to providing more ways for customers in the region to engage with our platform through these new products,” said Kris Marszalek, co-founder and CEO of Crypto.com.
The announcement was made following Crypto.com’s preliminary approval in mid-January to operate across the EU under the Markets in Crypto-Assets (MiCA) license. The company also received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) for its acquisition of the Cyprus trading services company A.N. Allnew Investments.
Crypto.com did not immediately respond to Cointelegraph's request for comment.
The company is not the first crypto entity to obtain a MiFID license through the acquisition of a Cypriot financial firm. On May 20, the cryptocurrency exchange Kraken announced the launch of regulated derivatives trading on its platform, compliant with the EU's Markets in Financial Instruments Directive (MiFID II).
Similar to Crypto.com, Kraken relies on the MiFID II-regulated Cypriot entity Payward Europe Digital Solutions to provide its derivatives services. This launch follows Kraken's completion of the acquisition of the futures trading platform NinjaTrader in early May, with its first-quarter revenue increasing by 19% year-on-year to $471.7 million.
Recently, Coinbase CEO Brian Armstrong stated that his company will continue to seek acquisition opportunities after acquiring the crypto derivatives platform Deribit. These comments were made after the U.S.-listed cryptocurrency exchange agreed to acquire one of the world's largest crypto derivatives trading platforms, Deribit, earlier this month.
Major cryptocurrency exchange Gemini has also recently received regulatory approval to expand its crypto derivatives trading in Europe. Lastly, the decentralized finance platform Synthetix plans to further enter the crypto derivatives space by reacquiring the crypto options platform Derive.
Crypto.com has also made several acquisitions, including Fintek Securities, Charterprime, Orion Principals, and the SEC-registered broker Watchdog Capital.
Related: KindlyMD Shareholders Approve Merger with Trump-Linked Bitcoin (BTC) Company
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