Crypto.com Acquires Fintek Securities to Expand Financial Services in Australia
Crypto.com, a leading crypto exchange, has acquired Fintek Securities Pty Ltd, a licensed brokerage regulated by the Australian Securities and Investments Commission (ASIC). This acquisition supports Crypto.com's goal of becoming a comprehensive financial hub, combining traditional and digital finance.
Crypto.com’s Latest Buy: An All-In-One Financial Platform
The acquisition allows Crypto.com to offer a variety of regulated financial services in Australia, including securities, derivatives, foreign exchange, and managed investment schemes. These products will be available to eligible Australian customers, enhancing Crypto.com's financial service offerings.
CEO Kris Marszalek aims to provide a unified platform for accessing both crypto and traditional finance. By year-end, Crypto.com plans to introduce crypto derivatives and traditional stock trading, aligning itself with global exchange peers.
The new services will be offered through dedicated subsidiaries, improving accessibility and product integration. With Fintek’s Australian Financial Services Licence, Crypto.com can diversify its offerings to include deposits, foreign exchange, and investments.
These upcoming services are expected to enhance user experience, positioning Crypto.com as a leading all-in-one financial platform in Australia.
Crypto.com Expands Globally Despite Regulatory Hurdles
Crypto.com's expansion includes acquiring Watchdog Capital, a US-based brokerage that will allow it to offer equities and options trading in the United States. This brokerage is regulated by the US Securities and Exchange Commission and the Financial Industry Regulatory Authority, enabling Crypto.com to provide traditional investment products under strict regulatory oversight.
However, challenges exist; Poland's Financial Supervision Authority flagged its Maltese entity, Foris DAX MT, for operating without proper authorization, prompting further investigation into regulatory compliance across different markets.
Despite these challenges, acquisitions like Fintek and Watchdog are pivotal for Crypto.com's ambition to establish itself as a global financial platform, aligning with regulatory standards in various regions.
Additionally, Crypto.com has partnered with the UEFA Champions League as an official sponsor, aiming to enhance fan engagement through exclusive rewards and content. This partnership introduces millions of football fans to digital finance and strengthens Crypto.com’s position at the intersection of sports and cryptocurrency.