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Crypto.com Launches Global Retail Services
On August 29, Crypto.com introduced its global retail services, partnering with Standard Chartered to provide users in over 90 countries with convenient deposit and withdrawal options through the Crypto.com App. This expansion is made possible by the regulatory framework set forth by Dubai’s Virtual Assets Regulatory Authority (VARA).
Enhancing Cryptocurrency Transactions
The company asserts that this new launch will significantly improve the efficiency and utility of cryptocurrency transactions for millions of retail users worldwide. Standard Chartered will play a pivotal role by offering banking solutions that facilitate nearly real-time processing of deposits and withdrawals in major currencies including USD, EUR, and AED.
A Vision for Innovation in the Middle East
This initiative aligns with the UAE’s National Agenda, which emphasizes innovation, economic diversification, and the growth of a knowledge-based economy. Rola Abu Manneh, CEO of Standard Chartered UAE, remarked that the collaboration with Crypto.com contributes to the UAE’s ambition of becoming a leading hub for digital assets by providing customers with advanced solutions to meet their evolving needs.
Initial Rollout in the UAE
Services will be available next month to customers in the United Arab Emirates (UAE), who will benefit from Crypto.com’s retail products directly through the app. Following the UAE launch, the company plans to gradually extend these services to a broader global audience, establishing robust financial frameworks for deposits and withdrawals.
Compliance and Achievements
The launch of Crypto.com’s retail services comes at a time of significant achievements for the company. In April 2024, they successfully launched their exchange for institutional investors after obtaining full operational approval from VARA. This approval was essential in solidifying Crypto.com’s regional hub in Dubai, known for its stringent consumer protection regulations that mandate clear advertising and secure licensing for crypto entities.
Expanding Global Presence
Beyond the Dubai expansion, Crypto.com is actively enhancing its global footprint. Recently, the company entered into a historic partnership with the UEFA Champions League, becoming the first crypto platform to do so. This is expected to bring crypto to over 3 billion fans worldwide.
Additionally, Crypto.com has launched a specialized trading platform in Korea, collaborated with Brazil’s BTG Pactual to enhance banking services in Latin America last year, and improved its regulatory compliance by securing licenses in the Netherlands, Spain, France, and the UK.
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