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Crypto.com Reports 100 Million Users Worldwide Despite Blocked VC Activity
Cryptocurrency exchange Crypto.com says it has surpassed the 100 million global user mark since its founding in 2016.
Cryptocurrency exchange Crypto.com has signed up 100 million users worldwide as the platform doubles its international expansion. In a announcement on the blog on May 6, the company says the increased user base was a result of its marketing campaign, specifically its latest brand film Fortune Favors the Brave.
The Singapore-based exchange says its user base has doubled since the first Crypto.com Miami Formula 1 Grand Prix in May 2022. Commenting on the growth, Crypto.com CEO Kris Marszlek said the milestone is was possible thanks to “engaging campaigns and iconic partnerships”.
The increase in user base occurred despite the decrease in activity of Crypto.com’s venture capital arm, Crypto.com Capital. Like crypto.news reported previously, the company had closed just four deals since the start of 2023, compared to 35 in the two years prior to that period. Marszalek acknowledged the reduction in financing activities, saying that right now “the assessments expressed by the project teams are very generous,” while the company is trying to “be reasonable on this point.”
Crypto.com still lags behind its main competitors: Coinbase and Binance, which boast 110 million and more than 170 million users respectively. While the company has secured some licenses for its global expansion, including one granted by the Dubai Regulatory Authority, the company appears to be facing some hurdles in other markets.
In mid-May the Dutch central bank, De Nederlandsche Bank (DNB), imposed an administrative fine of 2,850,000 euros (approximately $3.1 million) against Foris DAX MT, the parent company of Crypto.com, for violating local anti-money laundering and anti-terrorism laws. A Crypto.com spokesperson expressed disappointment but reassured that the incident has been resolved and has no impact on current operations or services.
Subsequently, Crypto.com postponed its expansion into South Korea in April following reports of a money laundering investigation. Once again spokesperson for the company reiterated Crypto.com committed to the highest anti-money laundering standards and said the decision to delay the launch was to ensure regulatory compliance and transparency with Korean authorities.