Crypto.com makes a significant move into traditional finance in Australia by acquiring Fintek Securities.
From Crypto to Brokerage
By acquiring Fintek Securities, which holds an ASIC license, Crypto.com will offer not only crypto services but also deposit products, securities, and even foreign exchange. Users can now use one app for both their traditional and crypto financial needs. Previously, Crypto.com had already acquired Watchdog Capital in the USA to expand brokerage services.
Compliance and Regulations
Acquiring Fintek is not only about expanding services but also about enhancing legitimacy and security for Australian users. Fintek's ASIC license provides Crypto.com with a robust regulatory foundation to operate safely in Australia. This move underscores Crypto.com's commitment to regulatory compliance, possibly attracting more users seeking a secure platform for their finances.
What’s Next for Aussie Users?
For Australian users, this acquisition means new financial services like derivatives and securities are likely on the way. Crypto.com plans to roll out a lineup of financial products through 2025, so some exciting offerings can be anticipated soon.
Crypto.com is making strides towards integrating traditional financial services to become an all-in-one platform for users to manage all aspects of their finances.
