Crypto.com may not be the largest cryptocurrency exchange by trading volume, but it is certainly one of the most well-known.
LeBron James plays in an arena named after the company, and the exchange has sponsorship deals with the Philadelphia 76ers, Formula One, the Ultimate Fighting Championship (UFC), and more.
All of these relationships with major companies are certainly targeting Crypto.com's return to the US, especially as the US Securities and Exchange Commission continues to crack down on cryptocurrencies. Just recently, authorities notified Uniswap Labs, which is developing one of the most popular decentralized crypto exchanges on the market, that it was a target. Possibility of litigation.
However, Eric Anziani, president and chief operating officer of Crypto.com, said: Decryption The attention the company's sponsorship deals receive from regulators is well worth it. “If we're known in the United States, we're known in other countries,” he said in an interview at the Park Hyatt in central Paris. “And, you know, it comes with trade-offs…but we think it's important to accomplishing our mission.”
Over the course of about 30 minutes in a crowded hotel lobby, Anziani touched on competition among exchanges, meme coins, and, of course, regulation.
SEC Oversight, or Lack of Oversight
In contrast to other major exchanges such as coinbase and Binance, Crypto.com has managed to avoid at least public mention by the SEC, both in lawsuits and settlements. “We have built a very strong business foundation in the way we operate,” he said. Decryption. “And we work with regulators around the world, including in the United States.”
He said there is no “fit for purpose” cryptocurrency regulation in the United States, so Crypto.com must follow the rules and regulations governing companies that sit squarely in the realm of traditional finance.
But will he discuss any anticipated or ongoing litigation with the SEC and regulators in the US? “I don't really comment,” the Crypto.com president said.
meme coin, meme coin, meme coin
If you take a look at Crypto.com's X feed, you'll see a flurry of posts celebrating the listing of tokens like Crob Mob, Degen, and Pepe. For exchanges seeking to establish themselves as legitimate financial institutions in the eyes of regulators, the constant praise of casino-like tokens may raise eyebrows.
“This is a new way for people to express themselves,” he said of meme coins. “And we want to deliver some of that to our customers in a functional way.”
However, Anziani stressed that, in contrast to other platforms, Crypto.com is not completely profitable. meme coin craze. “We've always been a little bit conservative, and we want to make sure we deliver things that are meaningful to our community,” he added.
Competition between exchanges
FTX is fellBinance's Changpeng Zhao is waiting sentencingand the US Department of Justice just Paid KuCoin and its two founders ignored American money laundering laws.
Data shows that amid a crackdown on competitors and the recent bull market, Crypto.com's exchange trading volume grew between $100 million and $200 million per day in April 2023, and in early March 2023. recently reached a high of nearly $3 billion. CoinGecko.
“There has been more consolidation,” he said. “And we have benefited from that because we have been more conservative in our risk management practices. [have engaged] We work with regulatory authorities around the world. ”
But Anziani doesn't want just a few exchanges to overwhelm the market. “At the same time, we want people to be able to innovate,” he added. “And we want new startups to come in.”
Unsurprisingly, the president of Crypto.com pointed to a well-known fear that hinders the growth of cryptocurrency companies: a lack of regulatory clarity. “We want to help these startups grow despite the increasing costs of managing the regulatory framework,” he said.
