DYdX Crypto Derivatives Exchange Successfully Expands into Canadian Market

The new leader of Canada's opposition party Pierre Poilievre is a Bitcoiner

Dubai gives Blockchain.com permission to open an office

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

On February 18, 2021, Crypto.com registered as a money services business with FINTRAC.

It recently collaborated with Canadian e-commerce company Shopify to include Crypto.com Pay as a payment option at any of Shopify's one million merchants worldwide.

According to the CEO of the Exchange, the company is committed to compliance.

Crypto.com According to the CEO, compliance is a pillar of the company, and the North American market, particularly in Canada, has significant crypto growth potential. He also stated that the company is committed to collaborating with the OSC and the Canadian Securities Administration in order to provide a secure and trustworthy platform. It is the first global crypto company with permission to operate in all jurisdictions, including Quebec.

Following layoffs in early June, when the crypto bear market was in full swing, Crypto.com received in-principle approval from the Monetary Authority of Singapore to operate as a virtual asset service provider, despite tightening retail trading regulations in the city-state. In March 2022, the exchange joined the Blockchain Association of Singapore.

Registrations were also obtained in the Cayman Islands, South Korea, Cyprus, Greece, and Italy.

Crypto.com faces criticism for risky advertising.

Crypto.com has chosen the sports industry as a promotional vehicle. It recently signed LeBron James to appear in a Super Bowl commercial. It was named the title sponsor of the 2022 FIFA World Cup in Qatar. Matt Damon, a Hollywood star, appeared in the infamous "Fortune Favors the Brave" advertisement, which drew criticism during the recent crypto market downturn. In September 2021, Paris Saint-Germain signed a multi-year sponsorship agreement with the exchange.

Crypto.com was hacked in January 2022, resulting in the loss of 4,600 ETH and 444 BTC, which the hacker laundered through the recently-approved crypto mixer Tornado Cash.

Conclusion

  • Crypto.com signs a preliminary agreement that lays the groundwork for future expansion in Canada.
  • It previously registered with Canadian watchdog FINTRAC as a money services business in February 2021.
  • It has been granted licenses to operate in South Korea, Italy, the Cayman Islands, and Greece.