With a focus on expanding its presence in the crypto market of Europe, Crypto.com has gained regulatory approval in the Netherlands. In a blog post today, the prominent crypto exchange disclosed the development. According to the crypto exchange, the De Nederlandsche Bank (DNB) has approved the firm’s registration as a crypto services provider in the country.
More so, the crypto exchange provided insights into the registration process. According to a revelation by Crypto.com, the approval came into play after a stern review by DNB. As revealed, the apex financial institution in the Netherlands reviewed the crypto exchange’s business practices. The review focused on Crypto.com’s compliance with money laundering and terrorist financing acts in the country.
What the regulatory approval indicates for Crypto.com
In the announcement, Crypto.com stated how it has received regulatory approval in prominent countries. Some of these countries according to the crypto exchange are Singapore, the United Kingdom, the United States, Canada, Dubai, Australia, Spain, Italy, and the Cayman Islands. As disclosed, venturing into the Netherlands highlights Crypto.com’s focus on enhancing its market influence in Europe.
Furthermore, the CEO of Crypto.com, Kris Marszalek accentuated the importance of regulatory approval to the cryptocurrency exchange. The CEO disclosed how collaborating with regulators will help advance the crypto and blockchain landscape. He said collaborating with regulators is of “paramount importance” to the organization.
Additionally, Marszalek submitted the approval from DNB is a significant milestone for Crypto.com. He added that the development signifies the company’s commitment to regulatory compliance. Lastly, the CEO disclosed that the crypto exchange is looking forward to working with DNB and other regulators across the globe.
Side notes
Meanwhile, the regulatory atmosphere in the Netherlands is regarded by many as strict. This is due to how DNB has slammed fines on crypto exchanges like Coinbase and Binance. In Binance’s case, the regulator accused the crypto exchange of failing to register despite firing various warnings. According to a Binbits report, on July 18, 2022, the regulator mandated that the exchange pay $3.4 million.
Likewise, on January 26, 2023, DNB ordered Coinbase to pay $3.3 million for violating its regulatory provision. However, like Crypto.com, Coinbase already gained regulatory approval from DNB to operate in the country. However, the regulator cited the failure of Coinbase to comply with its regulations as the motive behind the fine.