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The first cryptocurrency exchange to commit to offering crypto products in accordance with Ontario Securities Commission regulations is Crypto.com.
- The preliminary agreement provides the framework for Crypto.com's expansion in Canada.
- In February of 2021, it registered as a money services business with the Canadian authorities FINTRAC.
- It is authorized to conduct business in South Korea, Italy, the Cayman Islands, and Greece.
The document known as a Pre-Registration Undertaking is recognized in all Canadian jurisdictions and demonstrates Crypto.com's compliance with legislation established by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and the Quebec Financial Markets Authority (AMF).
On February 18, 2021, Crypto.com registered as a money services business with FINTRAC.
It recently teamed with the Canadian e-commerce firm Shopify to integrate Crypto.com Pay as a payment option for any of Shopify's one million merchants worldwide.
CEO affirms that Exchange is committed to compliance.
Crypto.com Compliance is a core of the organization, according to the CEO, and the North American market, particularly Canada, has considerable crypto development potential. He stated that the organization is dedicated to collaborating with the OSC and the Canadian Securities Administrators to deliver a secure and reliable platform. It is the only worldwide crypto corporation authorized to operate in all jurisdictions, including Quebec.
Following layoffs in early June, when the crypto bear market was in full stride, Crypto.com received preliminary authorisation from the Monetary Authority of Singapore to operate as a virtual asset service provider, despite the city-tightening state's regulations on retail trading. In March 2022, the exchange became a member of the Blockchain Association of Singapore.
In addition, registrations were obtained in the Cayman Islands, South Korea, Cyprus, Greece, and Italy.
Crypto.com is criticized for its dangerous advertising
Crypto.com has chosen the sports industry as its promotional platform. Recently, it recruited LeBron James for a Super Bowl advertisement. It became the title sponsor for the 2022 FIFA World Cup in Qatar. Matt Damon appeared in the infamous "Fortune Favors the Brave" advertising, which drew criticism during the recent cryptocurrency market decline. In September 2021, Paris Saint-Germain signed a multi-year sponsorship agreement with the exchange.
The January 2022 attack of Crypto.com resulted in the loss of 4,600 ETH and 444 BTC, which the hacker laundered using the recently sanctioned crypto mixer Tornado Cash.
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