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Crypto.com Inks Agreement to Operate Under Canada’s Securities Watchdog

2 mins
Updated by Ryan Boltman
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In Brief

  • Crypto.com inks preliminary that lays the groundwork for expansion in Canada.
  • It previously registered as a money services business with Canadian watchdog FINTRAC in Feb. 2021.
  • It has received permission to operate in South Korea, Italy, the Cayman Islands and Greece.
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Crypto.com becomes the first cryptocurrency exchange to commit to offering crypto products in line with the rules of the Ontario Securities Commission.

The document called a Pre-Registration Undertaking is recognized in all Canadian jurisdictions and follows Crypto.com’s adherence to regulations put forth by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Autorité des marchés financiers (AMF) in Quebec.

Crypto.com registered as a money services business with FINTRAC on Feb. 18, 2021.

It recently partnered with Canadian e-commerce company Shopify to incorporate Crypto.com Pay as a payment option at any of Shopify’s one million merchants globally.

Exchange is committed to compliance, says CEO

Crypto.com CEO said compliance is a pillar of the company, and the North American market, especially in Canada, represents significant crypto growth potential. He added that the company is committed to working with the OSC and the Canadian Securities Administration to provide a secure and trustworthy platform. It is the first global crypto company with authorization to conduct its business across all jurisdictions, including Quebec.

Following staff layoffs in early June, as the crypto bear market was in full swing, Crypto.com obtained an in-principal approval from the Monetary Authority of Singapore to operate as a virtual asset service provider, even as rules around retail trading in the city-state tighten. The exchange became a Blockchain Association of Singapore member in March 2022.

It also secured registrations in the Cayman Islands, South Korea, Cyprus, Greece, and Italy.

Crypto.com takes the heat for risky advertising

Crypto.com has targeted the sports industry as the vehicle for promotions. It recently tapped LeBron James for a Super Bowl commercial. It became the headline sponsor for the 2022 Qatar FIFA World Cup. Hollywood star Matt Damon was featured in the infamous “Fortune Favors the Brave” advertisement, which attracted criticism during the recent crypto market downturn. French football club Paris Saint-Germain inked a multi-year sponsorship deal with the exchange in Sep. 2021. 

Crypto.com suffered a hack in Jan. 2022 that saw 4,600 ETH and 444 BTC lost, which the hacker laundered through the recently-sanctioned crypto mixer Tornado Cash.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

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David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
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