Autor: dot-traders

Veröffentlicht am

Crypto.com secures regulatory approval to operate in Italy

Crypto.com, one of the world’s largest cryptocurrency exchange platforms, has received regulatory approval to offer its services in Italy.

The platform said in an announcement on Tuesday that it had secured the nod from the Organismo Agenti e Mediatori (OAM).

Regulatory approval is ‘a major step forward’

The approval allows Crypto.com, which has seen aggressive expansion over the past several months, to offer its suite of crypto products and digital wallet services in the country. The milestone means the exchange’s activities will comply with local regulations.

“We are excited to receive this registration in Italy and view it as a major step forward for Crypto.com,” said Kris Marszalek, the exchange’s co-founder and CEO.

Marszalek, commenting on his company’s move to get registered, added:

“We are committed to building lasting growth in the region and will continue working with regulators to deliver a wide range of products and services to our valued customers.”

Crypto.com, founded in 2016 and currently counting over 50 million users globally, has added the Italian registration to the one recently received from Greek authorities.

The platform also has an in-principle approval from the Monetary Authority of Singapore, and a provisional Virtual Asset License from Dubai’s Virtual Assets Regulatory Authority (VARA).

The regulatory greenlight sees Crypto.com join other top cryptocurrency firms Binance and Coinbase in seeking registration and getting approval in Italy.

The post Crypto.com secures regulatory approval to operate in Italy appeared first on CoinJournal.

Veröffentlicht am

Celsius gets approval for a new Bitcoin mining plant as it seeks financial stability

Celsius, a renowned crypto lender, has obtained crucial approval to go ahead with its plan of building a Bitcoin mining plant as it tries to find ways of returning it back to financial stability.

The value of Celsius assets decreased from $22.1 billion to $4.3 billion between March 30 and July 14, this year, with approx. $1 billion in third-party liquidations.

Celsius was brought down by the collapse of Terra LUNA and it has since been struggling to remain afloat something that forced it to file for Chapter 11 Bankruptcy in the US to as it tried to restructure. Prior to filing for Chapter 11, Celsius had tried a number of measures including ETH tokens from Bancor to settle its DAI loan with Aave so that it could free the WBTC it had provided as collateral. Celsius had borrowed 100 million DAI tokens on Aave forcing Marker DAI to disable DAI supply to Aave to avoid more exposure to Celsius.

The plan to build a Bitcoin mining facility is part of Celsius’ plans of stabilizing the company following its current financial crisis.

However, Celsius was recently sued for supposedly using customer deposits to rig the price of CEL tokens while failing to properly hedge risks. Therefore, the new venture of building a BTC mining plant will be widely watched seeing that Celsius is yet to resume withdrawals.

Investing $3.7M for the new Bitcoin mining plant

Celsius intends to invest a whopping $3.7 million in constructing the new Bitcoin mining facility and an extra $1.5 million in importing mining equipment and paying for customs.

Celsius already has a mining plant in the US that presently operates over 43,000 mining rigs. By adding a new mining facility, Celsius intends to increase the number of mining rigs that it shall be operating to 112,000 by the second quarter of 2023.

The increased mining operations will in return increase the number of bitcoins that Celsius will have something the company believes will be a source of finances.

The post Celsius gets approval for a new Bitcoin mining plant as it seeks financial stability appeared first on CoinJournal.