As a researcher with a background in both traditional finance and digital assets, I find this move by Crypto.com to acquire Watchdog Capital particularly intriguing. Having closely followed the crypto space for years, it’s fascinating to witness the convergence of traditional finance and digital assets.
Digital currency platform Crypto.com has revealed its purchase of Watchdog Capital, a SEC-registered brokerage firm in the U.S. market.
This action enables the exchange’s local affiliate to offer traditional stocks and equity options to qualified investors, thereby expanding their range of financial products beyond cryptocurrencies. As stated in an announcement on October 31st, Watchdog Capital is associated with the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC).
Watchdog Capital was established by Bruce Fenton, a long-time advocate for digital assets.
Kris Marszalek, CEO of Crypto.com, stated that we are actively pushing for combining conventional financial methods with digital financial services. At the same time, we remain committed to acting responsibly by obtaining all required licenses and registrations to stand out as a leader within the industry,” is one possible way to paraphrase the original sentence.
As an analyst, I’ve recently observed that our company has made an acquisition, which follows closely on the heels of our decision to initiate a lawsuit against the Securities and Exchange Commission (SEC). This step was taken after we received a Wells notice from the regulator, a common precursor to enforcement action. It seems that we are one among several crypto companies currently engaged in defending ourselves against the federal agency’s scrutiny.
On October 8th, Marszalek declared a lawsuit stating that the Securities and Exchange Commission (SEC) has overstepped its legal boundaries by unilaterally broadening its area of authority.
Based in Singapore, Crypto.com initially launched its services for U.S. customers in March 2022, primarily catering to institutional investors.
In June 2023, the company declared a temporary halt to its operations within the nation, stating that low consumer interest during the cryptocurrency downturn was the reason. Contrarily, some Reddit users asserted that the platform continued functioning normally for individual customers.
Crypto.com boasts of having over 100 million global users. Not too long ago, they unveiled a partnership with Standard Chartered Bank to facilitate deposits and withdrawals of fiat currencies such as the UAE dirham, euro, and US dollar in more than 90 countries, all through their mobile app.
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2024-10-31 18:57