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Crypto.com, a prominent cryptocurrency platform, has been actively expanding its services to include offerings traditionally associated with banking institutions. While it has not transformed into a bank per se, the company has secured various licenses and regulatory approvals that enable it to provide a broader range of financial services.
Licensing and Regulatory Approvals
In December 2023, Crypto.com was authorized as an Electronic Money Institution (EMI) by the United Kingdom’s Financial Conduct Authority (FCA). This authorization allows the company to issue electronic money and provide payment services in the UK, facilitating the expansion of its product offerings in the region.
Additionally, in September 2024, Crypto.com received full approval to provide payment service provider (PSP) services from the Central Bank of Bahrain. This approval enables the company to offer payment services in Bahrain, further extending its reach in the Middle East.
Expansion of Services
Beyond obtaining licenses, Crypto.com has announced plans to offer customers access to banking services through partnerships with established banks. These services include credit cards and equities trading, aiming to provide a comprehensive financial ecosystem for its users.
While Crypto.com is not becoming a bank in the traditional sense, its acquisition of various financial licenses and the expansion of its service offerings indicate a strategic move towards providing comprehensive financial solutions akin to those offered by traditional banking institutions. Users can expect a more integrated experience as the platform continues to evolve and expand its services globally.