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Crypto.com continues expansion with Cyprus

Cryptocurrency platform Crypto.com received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) just three days after registering with the Italian watchdogs.

Crypto.com’s CEO Kris Marszalek said Europe was the first step of the company’s expansion plans. The announcement quotes:

“Europe is a priority region for Crypto.com and our continued expansion in the market is a testament to our commitment to compliance and collaboration with regulators. Our registration in Cyprus is the next significant step in our continued progress as we expand our products and services to more customers.”

CySEC’s approval will allow Crypto.com to offer all its products and services to customers in Cyprus as long as it complies with the regional legislation. Crypto.com also received approvals from Greece, Singapore, and Dubai very recently.

Crypto.com in bear market

While it continues expansion, Crypto.com disclosed plans to cut costs during the early days of the bear market.

On June 13, the company announced it was laying off 5% of its staff, which equated to 260 people. Crypto.com pointed to the bear market conditions as a reason for the layoffs. It also said it would take additional precautions to cut costs.

Crypto.com’s CEO Kris Marszalek posted on Twitter and said:

“Our approach is to stay focused on executing against our roadmap and optimizing for profitability as we do so. That means making difficult and necessary decisions to ensure continued and sustainable growth for the long term…”

Spending too much

While many crypto companies downsized at the beginning of the winter, Crypto.com was the only one that got heavily denounced. The critics said the campaign spent too much, too fast on campaigns and naming rights.

700 million naming rights deal
/20 years
=35 million per year

More than covers those 260 jobs.

And thats not even getting into all the other non-sensical marketing dollars you’ve spent.

— ElenDegenerate (@ElenDegenerate1) June 11, 2022

Crypto.com started its bravery campaign with the motto “Fortune Favors the Brave” in October 2021….


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