Trading Platform Crypto.com Secures Regulatory Approval to Operate in France

The exchange joins other crypto platforms including Binance and Luno that recently obtained similar approvals.

Sep 28, 2022 at 11:01 a.m. UTC

Updated Sep 28, 2022 at 3:54 p.m. UTC

Amitoj Singh is CoinDesk's regulatory reporter covering India. He holds BTC and ETH below CoinDesk's disclosure threshold of $1,000.

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Singapore-based digital asset trading platform Crypto.com has been approved to operate as a Digital Asset Service Provider (DASP) in France, the company announced on Wednesday.

The trading platform has registered with France's top markets regulator, the Autorité des Marchés Financiers (AMF), according to the announcement.
The registration is mandatory for all companies looking to provide digital asset custody and trading services, including "buying or selling digital assets in legal tender" in the country.
"Crypto.com was subject to rigorous review, particularly around anti-money laundering and combating the financing of terrorism, in order to receive regulatory approval," the announcement said. The exchange has recently secured in-principle approvals in Singapore and Dubai, as well as registration approvals in the U.K., Italy and South Korea.
France is becoming a go-to location in the European Union for crypto companies. In early September, Binance CEO Changpeng Zhao called Paris "the financial hub for crypto in Europe."
In recent months, cryptocurrency exchanges Binance and Luno have also registered with France's AMF. Luno's parent company, Digital Currency Group, is also the parent of CoinDesk.
Crypto.com's financial health came under scrutiny earlier this month after it backed out of a five-year sponsorship deal worth $495 million with the Union of European Football Associations' (UEFA) Champions League.
CoinDesk has reached out to the AMF for comment.

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