As a seasoned crypto investor with over a decade of experience navigating the digital asset landscape, I find the recent move by Crypto.com to expand its reach in Australia through the acquisition of Fintek Securities quite intriguing. Having witnessed numerous exchanges come and go, it’s refreshing to see one like Crypto.com not only surviving but thriving.
Digital currency trading platform Crypto.com increases its influence in Australia by purchasing licensed brokerage Fintek Securities, thereby broadening its array of financial services offerings.
As a researcher, I’m excited to share that I’ve been part of a team that has recently acquired Fintek Securities, an Australia-based brokerage firm licensed by the Australian Securities and Investments Commission. This strategic move allows us, Crypto.com, to expand our financial product offerings, further reinforcing our commitment to providing diverse financial solutions.
On Thursday, November 14th, the exchange disclosed through a blog post that the acquisition they made enables Crypto.com to provide various financial services such as deposits, securities, futures, currency exchange, and managed investment portfolios to qualified Australian users.
Crypto.com made its second purchase to develop traditional brokerage services, with the first being Watchdog Capital in the United States, which was finalized on October 31. This acquisition allows Crypto.com to offer equities and equity options to eligible U.S. investors under the supervision of regulatory bodies like the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).
In his statement, CEO Kris Marszalek underscored the acquisition as a step towards creating Crypto.com as an all-inclusive platform for financial services. He further noted that by year-end, Crypto.com plans to provide various services through its subsidiaries, encompassing both cryptocurrency derivatives and stock trading.
Currently, Foris DAX MT – Crypto.com’s operator based in Malta – is under review due to concerns raised by Poland’s Financial Supervision Authority. They added this entity to their watchlist on November 6, suggesting that it has been operating financial services within Poland without proper authorization. The case has now been handed over to the regional prosecutor’s office in Warsaw for a more detailed examination.
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2024-11-14 11:19