Since its establishment in 2016, cryptocurrency exchange Crypto.com claims to have added more than 100 million users worldwide.
Crypto exchange Crypto.com has registered 100 million users around the globe as the platform doubles down on its international expansion. In a May 6 blog post, the corporation asserts that its marketing campaign—especially the most recent Fortune Favors the Brave brand film—is to blame for the spike in user numbers.
The exchange, based in Singapore, claims that since the inaugural Formula 1 Crypto.com Miami Grand Prix in May 2022, its users have doubled. CEO of Crypto.com, Kris Marszlek, discussed the rise and claimed that “engaging campaigns and iconic partnerships” made it feasible to reach the milestone.
The increase in users happened despite Crypto.com Capital, the venture capital division of the website, needing more activity. The company has only completed four agreements since the beginning of 2023, as opposed to 35 in the two years before.
Although the company is attempting “to be reasonable on this,” Marszalek acknowledged the decrease in funding activity and stated that “valuations being thrown around by project teams are very generous.”
With over 110 million and over 170 million users, respectively, Coinbase and Binance are still Crypto.com’s two biggest rivals. Although the company obtained a few permits for its international expansion—including one from Dubai’s regulatory body—there seem to be some obstacles in other areas.
The parent company of Crypto.com, Foris DAX MT, was hit with an administrative fine of €2,850,000 (about $3.1 million) by the Dutch central bank, De Nederlandsche Bank (DNB), in mid-May for breaking local anti-money laundering and anti-terrorist financing legislation.
While expressing disappointment, a Crypto.com representative stated that the situation had been rectified and would not affect the company’s ongoing operations or services.
Later, in April, Crypto.com announced that it was delaying its entry into South Korea because of rumors of a money-laundering investigation. A representative for the company restated Crypto.com’s dedication to the strictest anti-money laundering guidelines, adding that the launch was postponed to guarantee regulatory compliance and openness with Korean authorities.
