Highlights:
- Crypto.com’s Global Retail Services will allow trading 250+ cryptocurrencies in 90+ countries.
- The rollout starts in the UAE and will gradually expand to other countries.
- New services leverage Dubai’s VARA framework for top security and compliance.
Crypto.com, the Singapore-based crypto exchange, has launched new Global Retail Services in partnership with Standard Chartered Bank. The services will allow Crypto.com app users in more than 90 countries to buy, sell, and trade over 250 cryptocurrencies. It will also offer near real-time processing for deposits and withdrawals in US Dollar (USD), Euro (EUR), and United Arab Emirates Dirham (AED) through the Crypto.com app.
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✅ First to offer seamless USD, EUR and AED deposit and withdrawal in over 90 countries.
We’re excited to announce the launch of global retail services to our millions of users worldwide, powered by Standard Chartered Bank from our Dubai hub.
Learn more:https://t.co/mv5kgfi8QU pic.twitter.com/gOgc4qXaBE— Crypto.com (@cryptocom) August 29, 2024
The new global services will initially launch for customers in the UAE, but the firm plans to gradually extend these services over time. By utilizing Dubai’s Virtual Assets Regulatory Authority (VARA) framework and partnering with Standard Chartered, Crypto.com ensures its services meet the highest security and compliance standards. This strategic partnership and regulatory adherence highlight Crypto.com’s dedication to delivering a reliable and trusted platform for its users.
Eric Anziani, president and chief operating officer of Crypto.com, described the partnership as a “huge milestone” for the company.
He stated:
“Being able to offer our global customers effortless fiat deposit and withdrawal capabilities is key to increasing adoption and reaching our vision of crypto in every wallet.”
Crypto.com’s Recent Achievements and Expansions
The launch of Global Retail Services follows several key achievements for Crypto.com. In April 2024, the company secured full operational authorization from Dubai’s VARA, becoming one of the first global crypto platforms to handle fiat transactions in the UAE. This milestone set the stage for the launch of the Crypto.com Exchange, tailored for institutional investors.
In mid-August, Crypto.com also attracted attention with a new sponsorship deal for the UEFA Champions League. As the first cryptocurrency partner of this prestigious football tournament, Crypto.com will gain significant brand exposure at various UEFA events. The partnership includes sponsorship of UEFA’s wide range of tournaments, starting with the 2024 Super Cup.
Moreover, Crypto.com unveiled its new integration with PayPal for US users, enhancing platform accessibility. This feature allows users to link their PayPal and Crypto.com accounts, simplifying the process of buying and transferring cryptocurrencies.
US Customers: You can now use @PayPal to fund purchases of crypto in the https://t.co/vCNztATSCO App, taking us one step closer to our vision of cryptocurrency in every wallet!
👛 Supports 350+ tokens
⚡ Direct and instant processing🌎 Coming soon to other regions!
Simply add… pic.twitter.com/ExkWxnlERg
— Crypto.com (@cryptocom) August 29, 2024
Strategic Partnership and Regulatory Compliance
Crypto.com’s new global retail services will be provided through its “regional hub in Dubai,” situated in the UAE—a region known for its stringent consumer protection standards. In 2022, Dubai’s VARA regulatory framework required marketers and promoters to offer clearer advertisements to enhance consumer protection.
Moreover, last year, the UAE introduced a federal law mandating that entities involved in crypto activities obtain a license and approval from the regulator, with severe penalties for non-compliance.
Following a rise in digital currency use, the UAE has become the third-highest country for crypto adoption. A study by investment migration consultancy Henley and Partners ranks the UAE behind only Singapore and Hong Kong. The Henley Crypto Adoption Index 2024 cites several key factors, including government support and widespread enthusiasm.
The study reads:
“Public interest is high, with a substantial portion of the population owning cryptocurrencies. This enthusiasm is matched by strong government support and a thriving start-up scene. This low-tax jurisdiction offers an attractive environment for crypto businesses, further bolstered by a highly digitalised and wealthy population.”
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