Cryptocurrency exchange Crypto.com strengthens its presence in Australia with the acquisition of licensed brokerage Fintek Securities, expanding its range of financial products.
Crypto.com has acquired Australia-based Fintek Securities, a licensed brokerage regulated by the Australian Securities and Investments Commission, as it broadens its financial product offerings.
In a blog announcement on Thursday, Nov. 14, the exchange said the acquisition allows Crypto.com to offer a range of 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. The Watchdog deal, finalized on Oct. 31, positions Crypto.com to offer equities and equity options to eligible U.S. investors under regulatory oversight by the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.
In a statement, CEO Kris Marszalek highlighted the acquisition as part of Crypto.com’s goal to build a one-stop destination for financial services. He also emphasized that by the end of this year, Crypto.com aims to offer a range of services through its subsidiaries, including both crypto derivatives and stock trading.
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.
