Cryptocurrencies are often incredibly volatile and can see massive price swings in a short time. This makes them ripe for bear traps. A bear trap is a situation where traders wrongly think a coin is about to reverse a downtrend. These events often result in significant losses. This guide will discuss crypto bear traps, how to identify them, and the risks involved in these situations. Introducing Crypto Bear Traps A bear trap happens when a trader buys assets, expecting the…
Singapore-based crypto exchange Crypto.com has secured a license from the Cyprus Securities and Exchange Commission (CySEC). The exchange announced this achievement through a tweet earlier today.
We're incredibly excited to achieve another milestone in Europe. We've received approval from CySEC to offer crypto services in Cyprus 🚀🇨🇾
— Crypto.com (@cryptocom) July 22, 2022
Through this license, Crypto.com can now offer Cyprus citizens a suite of products and services in a regulated environment.
Commenting on this development, Crypto.com CEO Kris Marszalek said:
Europe is a priority region for Crypto.com and our continued expansion in the market is a testament to our commitment to compliance and collaboration with regulators. Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.
Before bagging the Cyprus license, Crypto.com got the go-ahead from regulators in Greece, Italy, and Dubai. The exchange also received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore (MAS).
Crypto.com to Integrate Google Play Payment Option
Crypto.com is the latest leading crypto exchange to announce its appetite for expanding its presence in Europe. Rival exchanges like FTX, Coinbase, and Binance are also eyeing the European market despite the bear market.
However, Crypto.com’s expansion plans go beyond establishing offices in Europe. The exchange announced plans to integrate Google Pay as a payment option for Android users looking to buy cryptos. This integration should boost the exchange’s user base, seeing as Google Pay has approximately 100 million users.
The functionality goes live in the week that starts on July 25. Google Pay users that have already linked credit/debit cards to their accounts will also have an option to pay via their cards.
Launched in 2016, Crypto.com lists over 250 cryptocurrencies and currently has over 50 million users.