Update: Clarification on Crypto.com’s Exchange Status in the US
- Dec 24, 8:30 am UTC: This article has been updated to include a clarification from Crypto.com that while its exchange is still not live in the US, the Crypto.com app was never suspended.
Cryptocurrency exchange and financial services provider Crypto.com has announced the launch of an institutional cryptocurrency custody service in the United States. This move marks a significant expansion of the company’s presence in the country as part of its broader plan to establish itself as a major player in the North American market.
Crypto.com Custody Trust Company: A Step Towards Expansion in the US
The new custodial trust, dubbed Crypto.com Custody Trust Company, has been chartered and is eligible to custody assets for US institutions and high-net-worth individuals. The company stated that digital assets held by Crypto.com’s US and Canadian customers will migrate to the newly established trust over the coming weeks.
CEO’s Statement on the Launch
Kris Marszalek, CEO of Crypto.com, expressed his confidence in the North American market, stating, "This step reflects our confidence in the North America[n] market." He added that the launch advances Crypto.com’s roadmap for building its business and presence in two of the most active crypto markets in the world – the US and Canada.
Regulated Crypto Businesses: A Growing Trend
The launch of Crypto.com Custody Trust Company comes amidst a growing trend of regulated crypto businesses expanding their presence in the US. In recent months, several institutions have obtained licenses to custody digital assets for US clients. These include:
- BitGo’s regulated platform designed to custody and manage native tokens for Web3 protocols
- Fireblocks’ approval from New York’s financial regulator to custody assets for US clients
- Coinbase Custody Trust, Fidelity Digital Asset Services, and Anchorage Digital NY – all similarly licensed
Crypto.com’s Expansion Plans in the US
This latest development marks a significant milestone in Crypto.com’s expansion plans in the US. The company has been gradually building its presence in the country since 2022, initially targeting institutional investors. In October, it acquired Watchdog Capital, a broker-dealer registered with the SEC, to further expand its footprint.
Trump’s Crypto Policies and the Impact on Industry
The launch of Crypto.com Custody Trust Company coincides with President-elect Donald Trump’s meetings with industry leaders to discuss crypto policies. The Trump administration has expressed interest in establishing the US as the world’s crypto capital, with pro-industry leaders being tapped to head key regulatory agencies.
Regulatory Framework for the Industry
In December, Crypto.com dropped its lawsuit against the US Securities and Exchange Commission, citing its intent to work with the incoming administration on a regulatory framework for the industry. This move reflects the company’s commitment to collaborating with regulatory bodies to establish clear guidelines for the crypto industry.
Related Articles:
- Trump Meets with Crypto.com CEO as Firm Drops SEC Lawsuit
- Regulated Crypto Businesses Proliferate in the US
- 13 Christmas Gifts that Bitcoin and Crypto Degens Will Love
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