Crypto.com, the rapidly growing cryptocurrency exchange platform, has secured regulatory approval to operate in the Cyprus crypto market, further expanding its presence across Europe.

On July 22, Crypto.com announced that the Cyprus Securities and Exchange Commission (CySEC) had granted the company the green light to offer services in the region. This approval allows Crypto.com to provide a wide range of cryptocurrency-related services in Cyprus in full compliance with local regulations.

The approval is a significant step in Crypto.com’s ongoing expansion strategy, reinforcing its commitment to regulatory compliance and broadening its customer base, particularly in Europe. Kris Marszalek, CEO and co-founder of Crypto.com, emphasized the importance of Europe in the company’s growth plans.

“Getting registered in Cyprus is a crucial milestone as we continue to expand our offerings and reach more customers,” said Marszalek.

Crypto.com, which is widely recognized for its support of Web3.0 users, has been aggressively pursuing global growth. The CySEC approval follows similar regulatory successes in other European countries, including Greece, where it received approval from the Hellenic Capital Market Commission, and Italy, where it was approved by Organismo Agenti e Mediatori.

While the company awaits a full operating license in some regions, it has already secured provisional approval to offer services in Dubai and has received in-principle approval for a Major Payment Institution license in Singapore. Since its inception in 2016, Crypto.com has allowed users to trade over 250 cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH).

Despite a challenging market environment, with recent bearish trends, many crypto exchanges continue to pursue expansion in Europe. For instance, FTX also gained approval to operate in Cyprus after receiving a CySEC license in March. However, while Cyprus is home to many global crypto exchanges, regulatory clarity surrounding cryptocurrency operations remains somewhat ambiguous.

Last year, reports indicated that the Bank of Cyprus and other major financial institutions had reservations about transactions involving Bitcoin (BTC). Nevertheless, regulators are working to tighten oversight of digital assets, including cryptocurrencies, by incorporating EU anti-money-laundering rules.