Key Takeaways:
- Crypto.com MiCA Approval: Crypto.com becomes the first global provider to secure MiCA in-principle approval for seamless EU-wide operations.
- Upbit Sanctions: South Korea’s FSC temporarily halts Upbit’s new user onboarding due to 700,000 KYC violations.
- Binance in Uzbekistan: Binance partners with Uzbekistan’s NAPP, offering compliant crypto services and enabling local currency transactions.
Crypto.com Secures MiCA License for EU Expansion
Crypto.com has achieved yet another groundbreaking milestone, becoming the first major global crypto service provider to secure in-principle approval for the Markets in Crypto Assets (MiCA) license. This approval paves the way for the platform to provide services across the European Union under a unified regulatory framework.
Eric Anziani, President and COO of Crypto.com, emphasized the importance of MiCA in bringing clarity and transparency to the crypto sector. He highlighted the company’s dedication to responsible growth within the EU, a key hub for crypto investment.
Once fully approved, Crypto.com will be able to offer its extensive suite of services across the EU, ensuring compliance while boosting investor confidence.
South Korea Suspends Upbit Operations After KYC Violations
South Korea’s Financial Services Commission (FSC) has temporarily suspended Upbit, the country’s largest cryptocurrency exchange, due to 700,000 Know Your Customer (KYC) violations. The sanctions stem from compliance lapses tied to Upbit’s business license renewal, which has been under review since October 2024.
The FSC’s crackdown follows the implementation of the Virtual Asset User Protection Act in July 2024, designed to combat money laundering and enhance investor protection. While existing users can continue trading, new user onboarding has been halted. Traders concerned by Upbit’s regulatory issues can find alternative South Korean exchanges.
Upbit, which controls over 70% of South Korea’s crypto market, faces significant challenges. The sanctions could impact investor confidence, liquidity, and its license renewal prospects. With crypto adoption at an all-time high in the country, these developments could also impact smaller platforms struggling to meet compliance demands.
Recommended alternatives in South Korea:
Binance Expands to Uzbekistan Under Regulatory License
Binance has received authorization from Uzbekistan’s National Agency of Perspective Projects (NAPP) to operate in the country under a licensed framework. This marks a significant step for the exchange, which will now provide Uzbek users with a seamless experience for deposits and withdrawals in the national currency through local payment systems.
The partnership reflects Binance’s commitment to fostering a regulated and secure environment for crypto trading in Uzbekistan. Kyrylo Khomyakov, Binance’s Regional Head, described the agreement as a key milestone, emphasizing the platform’s dedication to compliance and innovation.
The move aligns with NAPP’s mission to create a globally recognized crypto market that protects investors and attracts capital, ultimately boosting Uzbekistan’s economy and citizen welfare.
Earlier this month, Binance received its 21st global regulatory approval with a full broker license in Brazil.
An Exciting Week For Crypto Regulation
The latest developments from Crypto.com, Upbit, and Binance showcase a growing global focus on regulatory compliance and transparency. While Crypto.com leads EU expansion under MiCA, Upbit faces significant challenges in South Korea’s tightened regulatory climate. Meanwhile, Binance’s entry into Uzbekistan highlights the potential of collaboration with local authorities to create compliant crypto ecosystems.
Earlier this week, we already reported on Bybit’s suspension of crypto trading services in India. As some exchanges encounter challenges, others prosper under often difficult regulatory requirements. You can count on Cexfinder to provide you with the best list of exchanges in any country, so take advantage of our up to date recommendations to find safe and regulated exchanges to trade on.
