News continues expansion with Cyprus continues expansion with Cyprus continues expansion with Cyprus

Three days after Italia, crypto giant received regulatory approval from the Cyprus watchdog on July 22. continues expansion with Cyprus

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Cryptocurrency platform received regulatory approval from the Cyprus Securities and Exchange Commission (CySEC) just three days after registering with the Italian watchdogs.’s CEO Kris Marszalek said Europe was the first step of the company’s expansion plans. The announcement quotes:

โ€œEurope is a priority region for 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.โ€

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

While it continues expansion, 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. pointed to the bear market conditions as a reason for the layoffs. It also said it would take additional precautions to cut costs.

Crypto.comโ€™s CEOย 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, was the only one that got heavily denounced. The critics said the campaign spent too much, too fast on campaigns and naming rights. started its bravery campaign with the motto “Fortune Favors the Brave” in October 2021. Within five months, the company released three videos featuring famous actor Matt Damon and NBA stars LeBron James and Joel Embiid. Each celebrity appeared in one video and emphasized the company’s bravery motto.

While the total amount spent is unclear, Matt Damon’s video cost about $100 million. LeBron James’ video, on the other hand, played during the Super Bowl commercials, which charge companies about $7 million just to show the advertisements. drew a lot of attention to itself when it bought the naming rights of the Staples Center in Los Angeles for $700 million to re-name it “ Arena.” Moreover, the company spent an additional $400 million on six sports team deals last year.

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