Cryptocurrency exchange Crypto.com strengthens its presence in Australia by acquiring licensed brokerage Fintek Securities, expanding its range of financial products.
Acquisition of Fintek Securities
Crypto.com has acquired Australia-based Fintek Securities, a licensed brokerage regulated by the Australian Securities and Investments Commission. This broadens the range of financial products offered by the exchange.
Expansion of Crypto.com Services
In a blog announcement on Thursday, Nov. 14, the exchange said the acquisition allows Crypto.com to offer services including deposit products, securities, derivatives, foreign exchange, and managed investment schemes to eligible users in Australia. This is Crypto.com's second acquisition to establish traditional brokerage capabilities, following its earlier purchase of SEC-registered Watchdog Capital in the United States.
Foris DAX MT Scandal
Meanwhile, Crypto.com’s Maltese operator Foris DAX MT has recently come under scrutiny, as Poland’s Financial Supervision Authority added the entity to its alert list on Nov. 6 for allegedly providing financial services in Poland without authorization. The case has been referred to the regional prosecutor’s office in Warsaw for further investigation.
The acquisition of Fintek Securities allows Crypto.com to strengthen its financial offering in the Australian market, despite regulatory challenges in other jurisdictions.
