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Crypto.com may not be the largest cryptocurrency exchange by trading volume, but it is certainly one of the most well-known.
Lebron James competes in the company’s namesake stadium, and the exchange has sponsorship deals with the Philadelphia 76ers, Formula 1, Ultimate Fighting Championship (UFC) and others.
All of these relationships with celebrities will make Crypto.com a target, especially in the United States as the Securities and Exchange Commission continues to crack down on cryptocurrencies. Most recently, the agency notified Uniswap Labs, the developer of one of the most popular decentralized cryptocurrency exchanges on the market, that it had been targeted. potential lawsuit.
However, Eric Anziani, President and COO of Crypto.com, said: decryption Sponsorship deals that attract attention from regulators are worth the money. “Being known in America means being known all over the world,” he said in an interview at the Park Hyatt hotel in central Paris. “And, you know, there are trade-offs… but I think it’s important that we accomplish our mission.”
In a crowded hotel lobby for about 30 minutes, Anziani also touched on competition between exchanges, meme coins and regulation.
SEC Investigation or Lack of Investigation
Unlike other popular exchanges such as coinbase and Binance, Crypto.com has at least avoided public comment from the SEC on any lawsuits or settlements. “We have built a very strong foundation for the business in the way we operate,” he said. decryption. “And we are working with regulators around the world, including in the United States.”
He said that because there is no “fit for purpose” cryptocurrency regulation in the United States, Crypto.com must comply with the rules and regulations that govern companies in the traditional financial sphere.
But would he be willing to speak out about any anticipated or ongoing litigation with the SEC or U.S. regulators? “I don’t have much to comment on,” the Crypto.com boss said.
meme coins, meme coins, meme coins
One look at Crypto.com’s X feed and you’ll see post after post celebrating token listings like Crob Mob, Degen or Pepe. For exchanges trying to establish themselves as legitimate financial institutions in the eyes of regulators, it’s through constant casino-like celebrations. token Eyebrows may raise.
“It’s a new way for people to express themselves,” he said of meme coins. “And we want to provide some of that to our customers in a functional way.”
However, Anziani emphasized that unlike other platforms, Crypto.com is not fully monetized. meme coin craze. “We’ve always been a little bit conservative, and we want to provide what’s right for our community,” he added.
Competition between exchanges
FTX is fallenBinance’s Changpeng Zhao is waiting sentencingThe U.S. Department of Justice just charged KuCoin and its two founders defy US money laundering laws.
Amid a crackdown on competitors and a recent bull market, Crypto.com’s exchange trading volume has increased from $100 million to $200 million per day in April 2023 to a recent high of about $3 million in early March. CoinGecko.
“There has been integration,” he said. “And we have benefited from that because we have been more conservative in our risk management practices and engaged with regulators around the world.”
But Anziani doesn’t want just a few exchanges to dominate the market. “At the same time, we still want people to be able to innovate,” he added. “And we want new startups to come in.”
Unsurprisingly, the Crypto.com boss pointed to a familiar specter hindering the growth of cryptocurrency companies: a lack of regulatory clarity. “We want to help startups grow despite the increasing costs of managing regulatory frameworks,” he said.
