Crypto.com Secures Approval For EEA-Wide Crypto Services

Crypto exchange giant Crypto.com has secured approval to offer crypto services across the European Economic Area (EEA). The approval, granted by European regulatory bodies, allows the global platform to expand its range of services to a substantial number of users, marking a significant step in its continued growth within the European market.

With this new regulatory approval, the platform can offer its full suite of services, including trading, staking, and crypto-backed financial products, to users across the EEA region.

The exchange’s ability to operate across the entire EEA comes after a series of regulatory compliance requirements. The company has successfully adhered to the region’s anti-money laundering (AML) and counter-terrorism financing (CTF) regulations while demonstrating a strong commitment to transparency and safeguarding user security.

The approval to operate across the EEA will expand the platform’s user base and drive greater crypto adoption in the region. With Europe being one of the company’s central focus, the latest development enhances its capacity to cater to retail and institutional clients with diverse services.

Over 8 Crypto Assets To Be Delisted

The approval comes after Crypto.com announced it will delist USDT from its platform on January 31, 2024, following the enforcement of the Markets in Crypto-Assets (MiCA) regulation. The exchange said it will delist USDT and nine other crypto assets.

According to the exchange, deposits will be halted, but users can still withdraw digital assets until the end of Q1 2025. The exchange will remove support for these digital assets entirely by March 31.

Crypto.com Sues U.S. SEC

Launched in 2016, Crypto.com is a Singapore-based crypto exchange with over 100 million users. Over the years, Crypto.com has demonstrated its commitment to the crypto community by ensuring the safety of funds and transparency in transactions.

As such, sometime last year, the exchange filed a lawsuit against the United States and the Securities and Exchange Commission (SEC) to protect the future of the crypto industry in the country.

Crypto.com voiced concerns over the agency’s harsh regulation-by-enforcement approach to crypto firms in the US and its overreach. The exchange also acknowledged that filing a lawsuit against a federal agency like the SEC is unprecedented for the company. Still, it emphasized that the agency’s actions left it no alternative.