Crypto.com reports 100m users worldwide despite frozen VC activity

Cryptocurrency exchange Crypto.com says it has surpassed the 100 million global user mark since its establishment in 2016.

Crypto exchange Crypto.com has registered 100 million users around the globe as the platform doubles down on its international expansion. In a blog announcement on May 6, the company claims the surge in the user base was the result of its marketing campaign, particularly its latest Fortune Favors the Brave brand film.

The Singapore-headquartered exchange says its user base has doubled since the first Formula 1 Crypto.com Miami Grand Prix in May 2022. Commenting on the growth, Crypto.com CEO Kris Marszlek said the milestone was possible to achieve thanks to “engaging campaigns and iconic partnerships.”

The surge in user base occurred even despite the decreased activity of Crypto.com’s venture arm, Crypto.com Capital. As crypto.news reported earlier, the firm made only four deals since the start of 2023, compared with 35 in the two years prior to that period. Marszalek admitted the reduction in funding activities, saying that at this moment “valuations being thrown around by project teams are very generous,” while the firm is trying “to be reasonable on this.”

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Crypto.com still trails behind its main competitors: Coinbase and Binance, which boast over 110 million and more than 170 million users respectively. While the company secured a few licenses for its global expansion, including the one granted by Dubai’s regulator, the company appears to be facing some headwinds in other markets.

In mid-May, the Dutch central bank, De Nederlandsche Bank (DNB), imposed a €2,850,000 (approximately $3.1 million) administrative fine on Foris DAX MT, Crypto.com’s parent company, for violating local anti-money laundering regulations and anti-terrorist financing laws. A spokesperson for Crypto.com expressed disappointment but reassured that the incident has been resolved and has no impact on current operations or services.

Later, Crypto.com postponed its expansion into South Korea in April following reports of a money-laundering probe. A company spokesperson once again reiterated Crypto.com’s commitment to the highest anti-money laundering standards and stated that the decision to delay the launch was to ensure regulatory compliance and transparency with Korean authorities.

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