Fact Checked by 
Crypto services platform Crypto.com acquired Australian broker Fintek Securities to strengthen its regional presence.
According to a recent announcement, Crypto.com acquired the Australian licensed brokerage regulated by the Australian Securities and Investments Commission (ASIC) to broaden its financial products offering. The company explained that the acquisition of Fintek Securities will allow the exchange to offer new services:
“With this acquisition, the Crypto.com family of companies will be able to offer eligible users a broad range of financial products, including deposit products, derivatives, securities, foreign exchange, managed investment schemes and more.”
The announcement follows Australia’s financial regulator recently outlining new plans to require cryptocurrency firms to be licensed under the country’s corporate law. “ASIC’s message is that a significant number of crypto-asset firms in the Australian market are likely to need a license under the current law,” Commissioner Kirkland said.
The details
This is the second acquisition of a heavily regulated company by Crypto.com, following the October acquisition of U.S. Securities and Exchange (SEC)-registered Watchdog Capital, LLC. Kris Marszalek, CEO of Crypto.com explained that both acquisitions are part of a broader strategy:
“The path of the Crypto.com roadmap is to ambitiously expand our offering by providing customers the most comprehensive set of financial services, and this acquisition is the latest step in that journey. […] The goal is to create one destination for all financial services where users can simplify their experience and maximize rewards.”
The announcement also teased Crypto.com news concerning the launch of the new services being released in the coming weeks. The report follows Crypto.com overtaking the United States-based publicly-traded crypto exchange Coinbased in volumes of digital asset trading in North America.
Founded back in 2016, Crypto.com claims to now have over 100 million customers worldwide. It is a mobile-first cryptocurrency service platform and exchange with its own payment card services and token.
