Recent Developments
Crypto.com, one of the leading cryptocurrency exchanges, continues to make waves in the digital asset space. Below are the most significant updates:
Regulatory Milestones
- SEC Enforcement Action Resolution: Crypto.com announced the conclusion of its SEC enforcement action, causing its native token (CRO) to surge by 12%.
- European Expansion: The platform secured registration as a Virtual Asset Service Provider (VASP) from the Bank of Spain, strengthening its compliance framework in Europe.
Partnerships and Integrations
- PayPal’s PYUSD Stablecoin: Crypto.com became the preferred platform for PayPal’s PYUSD, enhancing its utility and accessibility.
- Visa Collaboration: The exchange partnered with Visa to launch an NFT collection featuring iconic soccer goals ahead of the FIFA World Cup 2022.
Market Performance
- CRO Token Rally: Cronos (CRO) hit a 2-month high, with weekly trading volume skyrocketing by 1,100%.
- Floki Listing: The meme coin FLOKI saw an 8% price jump after being listed for USD perpetual trading on Crypto.com.
Operational Adjustments
- U.S. Institutional Services Suspension: Citing low demand, Crypto.com paused services for U.S. institutional clients effective June 21, 2023.
- Delisting of Tether (USDT) in Canada: Due to regulatory shifts, USDT support was discontinued for Canadian users as of January 31, 2023.
FAQs
1. Why did Crypto.com suspend services for U.S. institutional clients?
The decision was driven by subdued demand and broader market challenges, prompting a strategic refocus.
2. How did the SEC resolution impact CRO’s price?
The token gained 12% post-announcement, reflecting renewed investor confidence.
3. What does Crypto.com’s VASP registration in Spain signify?
It validates the platform’s compliance with EU regulations, enabling smoother operations across Europe.
4. Which major partnership boosted Crypto.com’s NFT offerings?
Visa’s collaboration introduced a World Cup-themed NFT collection, merging sports fandom with digital assets.
5. Why was USDT delisted in Canada?
Regulatory pressures prompted the move, aligning with Canada’s stricter stablecoin oversight.
👉 Explore Crypto.com’s latest features
👉 Dive deeper into CRO’s market trends
Stay updated with real-time crypto insights and trading opportunities.