The Singapore-based cryptocurrency exchange operator, Crypto.com, has secured critical regulatory approval via its Irish branch from the Central Bank of Ireland. This places the company under the direct purview of the bank for alignment with anti-money laundering and criminal financing rules. As an authorised Virtual Asset Service Provider (VASP), Crypto.com can sell and trade Bitcoin and similar virtual tokens on its platform.
The Central Bank has affirmed that Crypto.com’s Irish associate has the necessary protocols and policies in place to meet its responsibilities under both Irish and European legislation for combatting money laundering and criminal financing. This approval will enable the company to offer select digital asset services to Irish customers, including crypto to fiat currency conversions and fiat currency wallets.
Crypto.com’s President and Chief Operating Officer, Eric Anziani, has publically lauded the approval, noting it as further proof of the company’s dedication to responsible innovation and regulatory compliance. As part of its plans, Crypto.com aims to widen its product offerings in Ireland. Foris Dax Global, the company owning the Crypto.com business name in Ireland and based in Dundrum Business Park, Dublin 14, has thus far not disclosed any information on staff numbers.
Cryptocurrency-related companies authorised as VASPs are mandated to maintain a specific employee count within the jurisdiction to ensure sustained compliance with EU anti-money laundering and criminal financing laws. While the company has declined to comment on its present workforce in Ireland, its revenues for 2022 showed a nearly 80% decrease due to falling trading volumes and asset prices amidst a series of sector-wide crises. Revenues from customer fees for cryptocurrency transactions on the Crypto.com platform experienced an 86% decline to €25.1 million in the same year.
Crypto.com, widely recognised for its entrances into the realm of sports branding, confirmed its plans to expand its global workforce in response to its recent market growth. A company representative stated that they have been recruiting employees on a global scale to sustain the surge in their market share in the past few months. “Since November 2023, we have embraced several hundreds of newcomers to our team at Crypto.com, with the intention to carry on with the recruitment process.”
Notably, Crypto.com made waves in 2021 when it purchased the naming rights to the home stadium of the Los Angeles Lakers NBA team, previously known as the Staples Centre, and rebranded it as the Crypto.com arena. Other significant associations include being the jersey sponsor for the NBA’s Philadelphia 76ers and collaborating with Paris St-Germain FC and the Miami Grand Prix in Formula One.