Key takeaways:
- The Netherlands has granted registration authorization to Crypto.com as a provider of cryptocurrency services.
- Crypto.com noted that the registration certification in concern followed “a comprehensive review” of the exchange’s operations.
The Netherlands Central Bank has given the latest cryptocurrency company, Crypto.com, permission to operate nationwide.
Following a thorough analysis of Crypto.com’s operations and adherence to the nation’s AML and terror funding prevention regulations, the platform declared that it was authorized with De Nederlandsche Bank (DNB) as a cryptocurrency service provider.
In its official statement, Crypto.com noted that the registration certification in concern followed “a comprehensive review” of the exchange’s operations. The organization complies with the Money Laundering and Terrorist Financing Prevention Act of the Netherlands through its compliance procedures.
According to Kris Marszalek, CEO of Crypto.com, cooperation with regulators is “of paramount importance” to Crypto.com to safely progress the crypto business. Additionally, he is eager to keep collaborating with regulators worldwide. In response to the most recent license approval, he stated:
“This registration approval from De Nederlandsche Bank is a significant milestone for our business and the latest testament to our commitment to compliance. We look forward to continuing to work with DNB and other regulators around the world.”
According to reports, the Dutch central bank has registered 36 companies related to cryptocurrencies, including well-known operators like Coinbase Europe, eToro, and Bitstamp, that are authorized to operate in the country.
Other well-known corporations have started saying goodbye to the Netherlands as regulatory scrutiny becomes harsher. Binance revealed last month that the Dutch authorities would not let it register as a provider of virtual asset services. It is consequently unable to provide Dutch customers with service.
In June, Crypto.com announced that it had registered with the Spanish central bank as a virtual asset service provider (VASP). This milestone was reached after a careful examination of the company’s compliance with the Anti-Money Laundering Directive (AMLD) and other financial crimes regulations. With this registration, Crypto.com is now able to make its whole catalog of goods and services available to customers in Spain.
In the initial weeks of July, after accidentally transferring $50,000 into a user named James Deutero McJunkins’ account in June 2022, Crypto.com was involved in a court fight. According to reports, the user moved the funds out of Crypto.com’s control and into an outside bank account. The complaint filed by Crypto.com requests that McJunkins be held liable for the unpaid sum.
