On July 22, three days after Italia, Crypto.com received regulatory approval from the Cyprus watchdog.
Just three days after registering with the Italian watchdogs, cryptocurrency platform Crypto.com received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC).
According to Crypto.com CEO Kris Marszalek, Europe is the first step in the company’s expansion plans.
“Europe is a priority region for Crypto.com and our continued expansion in the market is a testament to our commitment to compliance and collaboration with regulators. Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”
With CySEC’s approval, they will be able to offer all of its products and services to customers in Cyprus as long as they comply with regional legislation. Recently, it received approvals from Greece, Singapore, and Dubai.
Crypto.com is experiencing a bear market
While it continues to expand, Crypto.com announced plans to cut costs during the early stages of the bear market. On June 13, the company announced that it was laying off 5% of its workforce, or 260 people.
Crypto.com attributed the layoffs to the current bear market conditions. It also stated that it would take additional cost-cutting measures.
Crypto.com’s CEO Kris Marszalek posted on Twitter and said:
“Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so. That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term”
Excessive spending
While many crypto companies downsized at the start of the winter, Crypto.com was the only one that received widespread criticism. Critics claimed that the campaign spent too much and too quickly on campaigns and naming rights.
To read our blog on “Tribe Capital, a venture capital firm, raises $25M to start a crypto incubator program,” click here