Crypto.com and Coinbase have been approved by Italia’s Organismo Agenti e Mediatori (OAM) to offer crypto trading, custody services, and other products in Italy.
Companies based in the USA have made efforts to expand their product ranges across Europe. They have been approved by OAM and joined other important players such as Binance As one of the few Crypto asset operators With the license to offer virtual currency service in Italy
Crypto.com expansion streak
Recent news about Laying off Crypto.com still has plans to grow its global customer base, despite having 260 employees.
In March 2022 Crypto.com Joined the list of crypto companies to receive approval from Dubai Virtual Assets Regulatory Authority (DVRA) for its Virtual Asset License. The company will be able to not only expand its customer base, but also establish a regional headquarters in the Emirate.
Crypto.com’s COO Eric Anziani said:
“We are opening a regional head office for the Middle East and Africa here in Dubai. It will be a great addition to manage our operations from Dubai. The UAE is diversifying its industry and trying to be bold and to create opportunities. We are not here only to gain more market share but to create a broader ecosystem where there are more opportunities for all.”
The Monetary Authority of Singapore, (MAS), granted the company an in principle Approval South Asian customers will be able to access payment services. Kris Marszalek is the co-founder and CEO of Crypto.com. He noted that Singapore was a vibrant market with a well-regulated environment to allow Crypto.com to grow its roots.
The company’s expansion streak is still counting as it has received approval from the Hellenic Capital Market Commission, to operate in Greece.
Coinbase’s growing crisis
Coinbase’s approval by the Italian watchdog was a rare positive sign in the last few weeks.
Recent firings of employees put the company under severe pressure. Some of its employment contracts were canceled by the company in June 2022. Neue recruits Lay off 1,100 employees Market conditions. Brian Armstrong, Coinbase CEO, stated that the reason for his decision was macroeconomic concerns and the looming recession.
Despite its effort to save costs, the company’s performance has declined. A report by Bloomberg Coinbase has fallen from the top ten crypto exchanges to the 14th place, suggesting that it is suffering from the recent downtrend in the cryptocurrency market. Its market share has dropped to 3.6% from 5.3% in its first quarter. The market share of the exchange is 2.9% so far in the third trimester.
On July 15, an Business Insider report revealed Coinbase’s plans to suspend its affiliate-marketing program in the US. Many critics claimed this was an attempt to protect the company from a liquidity crisis. Despite the support of the Coinbase community, stablecoin outflows continued to plague the exchange.
As CryptoSlate It was reported that approximately $248M of stablecoins were withdrawn from Coinbase Pro on the same day. The report cites CryptoQuant data that shows stablecoin holdings at Coinbase have declined from $1.2 billion in January 2022, to $284million today.