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Crypto.com Gets Regulatory Approval to Operate in the UK

Crypto.com today announced regulatory approval from the UK’s Financial Conduct Authority (FCA) to act as a crypto business.

According to the FCA filing, the exchange is registered under FORIS DAX UK LIMITED. With this approval in hand, the company also complies with local anti-money laundering (AML) regulations.

Kris Marszalek, CEO and co-founder of Crypto.com, said in the official announcement“We are committed to the UK market and look forward to further developing our platform and UK presence by expanding our offering to clients, while continuing to work with regulators.”

Despite its inroads in the UK, the crypto company also had to carry out heavy layoffs amid the latest downturn. In June, the firm announced reductions of 5%, or approximately 260 peopleciting market conditions.

Yesterday, however, a senior Crypto.com employee whose identity was confirmed by Decryptspoke on condition of anonymity explain that another round of cuts was also expected.

“Senior management is unlikely to make an announcement because after the June layoffs they said everyone’s jobs were secure and there would be no more layoffs,” the source said. .

Decrypt confirmed the layoffs with two other sources of current employees.

The UK is turning to crypto

The UK lately has been bullish on crypto, and Crypto.com’s endorsement is just another way for “the government to [UK] advances its agenda to make Britain a global hub for technology and investment in crypto assets,” the exchange’s CEO said.

In April, the government laid the bricks on its ambitions to become a hub of crypto technology and innovation.

Former UK Chancellor of the Exchequer Rishi Sunak has declared interest in research stablecoinscrypto and blockchain with the aim of bringing a “future-looking approach” to the country.

The all-party parliamentary group was formed to investigate how to better regulate cryptocurrency, focusing on “how the UK can deliver on that commitment” to become an epicenter of the industry.

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