Crypto.com has acquired Australia-based Fintek Securities, expanding its financial services to include securities, derivatives, and more in Australia.
Crypto.com Gets Fintek Securities
Crypto.com has expanded its financial product offerings by acquiring Fintek Securities, a licensed brokerage in Australia that is regulated by the Australian Securities and Investments Commission.
The exchange announced in a blog post on Thursday, November 14, that the acquisition enables Crypto.com to provide a variety of services to eligible users in Australia, such as deposit products, securities, derivatives, foreign exchange, and managed investment schemes.
This is Crypto.com’s second acquisition to establish traditional brokerage capabilities, following its previous acquisition of SEC-registered Watchdog Capital in the United States.
The Watchdog agreement, which was finalized on Oct. 31, enables Crypto.com to provide equities and equity options to eligible U.S. investors while being subject to regulatory supervision by the Securities Investor Protection Corporation and the Financial Industry Regulatory Authority.
The acquisition was emphasized by CEO Kris Marszalek in a statement as a component of Crypto.com’s objective to establish a comprehensive financial services hub.
Additionally, he underscored that Crypto.com intends to provide a variety of services through its subsidiaries, such as stock trading and crypto derivatives, by the conclusion of the current year.
In the meantime, Foris DAX MT, the Maltese operator of Crypto.com, has recently been the subject of scrutiny. 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 forwarded to the regional prosecutor’s office in Warsaw for additional investigation.